ESOP expense incurred wholly & exclusively for business is eligible for deduction u/s 37

Northern Operating Services Pvt. Ltd. Vs JCIT (ITAT Bangalore)

ITAT Bangalore held that expenditure towards ESOP is wholly and exclusively for the purpose of business and it satisfies all the conditions referred to in section 37(1). Accordingly, expenditure towards ESOP is eligible for deduction u/s 37 of the Income Tax Act.

Facts- The assessee had participated in the Northern Trust Corporation 2012 Stock Plan issued by its parent, The Northern Trust Company (“NT Corpora

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