AO’s proper inquiry on ESOP expenses: ITAT quashes revision order

Make My Trip (India) Private Limited Vs DCIT (International Taxation) (ITAT Delhi) Conclusion: Revision order issued by PCIT was quashed against Make My Trip (India) Private Limited as AO had conducted a proper inquiry before allowing the deduction of Employee Stock Option Plan (ESOP) expenses. Held: Assessee-company was operated as a travel agent and tour operator and was a subsidiary of Make My Trip Limited, Mauritius. AO completed the assessment for the Assessment Year 2011-12 under section 143(3) read with section 92CA(3). PCIT reviewed the records and found that assessee had claimed a ded...