Discount on issue of ESOP allowed as deduction: ITAT Delhi

Jubilant Foodworks Limited Vs DCIT (ITAT Delhi) ITAT Delhi held that discount on issue of Employee Stock Ownership Plan [ESOP] is allowable as deduction under section 37 of the Income Tax Act. Accordingly, additional claim of ESOP expense allowed. Facts- Issue involved herein is that assessee claimed ESOP expenditure for the first time as cross objection before ITAT. AO concluded that such notional losses are not allowable under the provisions of the Act and accordingly disallowed the claim. CIT(A) upheld the action of AO. Being aggrieved, the present appeal is filed. Conclusion- Held that dur...