ESOP price difference between offer & market price allowable as revenue expense

PVR Ltd Vs CIT (Delhi High Court) HC held that ITAT erred in law in holding that the difference between the price at which stock options were offered to employees of the appellant company under ESOP and ESPS and the prevailing market price of the stock on the date of grant of such options was not allowable revenue expenditure under Section 37(1) of the Income Tax Act, 1961. FULL TEXT OF THE JUDGMENT/ORDER OF DELHI HIGH COURT 1. Present appeal had been admitted by this Court on 30th April, 2013 on the following question of law:- “Whether on the facts and in the circumstances of the case, th...