ITAT Upholds ESOP Cost as Business Expense, Sets Aside PCIT 263 Order

Nuvama Wealth Management Limited Vs DCIT (ITAT Mumbai) The appeal by Nuvama Wealth Management Limited (formerly Edelweiss Securities Limited) before the ITAT Mumbai challenged the revisional order of the Principal Commissioner of Income Tax (PCIT), passed under section 263 of the Income-tax Act, 1961. The PCIT had set aside the assessment framed under section 143(3) read with section 144B, directing a fresh examination of the assessee’s claim of deduction of ₹73.30 crore towards Employee Stock Option Plan (ESOP) expenditure. The PCIT held that the assessee had recovered ₹58.02 crore from...