Discount on issue of ESOP is allowable expenditure u/s 37: ITAT

Brief of the Case Sec. 14A – curative in nature, but the expenditure cannot be assumed as non apportionable ITAT Mumbai held In the case of HDFC Bank Limited vs. DCIT that in case of composite business yielding two streams of income, taxable and tax-exempt, apportionment of the expenses of the business would be required to be made in terms of sec. 14A r/w r. 8D, which rule is mandatory. Not so doing would be to defeat and, rather, contrary to the clear mandate of section 14A. Discount on issue of shares to employee under ESOP is an allowable expenditure u/s 37 Also the judgment of Biocon L...