ITAT Allows ESOP Expenditure claimed Within Section 139(5) Time Limit

Fortune Park Hotels Limited Vs ACIT (ITAT Delhi) Summary: In the case of Fortune Park Hotels Limited Vs ACIT before the ITAT Delhi, the issue revolved around the deduction of Employees Stock Option Plan (ESOP) expenses amounting to Rs. 4,27,27,652/-. The Assessing Officer (AO) disallowed the claim, but the ITAT overturned this decision. The ITAT ruled that the claim for ESOP expenditure made by the assessee within the time limit specified under section 139(5) of the Income Tax Act was justified. Additionally, the ITAT noted that the requisite documents and explanations were furnished by the as...