Expenditure towards ESOP is allowable u/s 37(1) of Income Tax Act: ITAT Mumbai

HDFC Bank Ltd Vs DCIT (ITAT Mumbai) ITAT Mumbai held that the ESOP expenses claimed by the assessee is an allowable expenditure under section 37(1) of the Income Tax Act. Facts- Issue involved here is that assessee for the first time made the claim before the CIT(A) with regard to ESOP expense. However, CIT(A) did not allow the claim of assessee following the decision of the Supreme Court in the case of Goetz (India) Ltd. vs. CIT (2006) 284 ITR 323 (SC). The CIT(A) also did not accept the submission of the assessee that the issue is covered by the decision of the Hon’ble Karnataka High C...