ITAT Allows Section 35D & ESOP Claims, But Upholds Disallowance of Share Issue Expenses

Navi General Insurance Limited Vs Assessment Unit (ITAT Bangalore) ITAT Allows Section 35D & ESOP Claims, But Upholds Disallowance of Share Issue Expenses The Bangalore ITAT partly allowed the appeal of Navi General Insurance Ltd. for AY 2021-22, granting relief on deduction of preliminary expenses under section 35D and ESOP expenses, while confirming the disallowance of share issue expenses as capital expenditure. The assessee had claimed deduction of ₹1.74 crore under section 35D, representing one-fifth of pre-operative expenses incurred for obtaining the IRDAI licence and commenci...