Order passed without adequate reasoning is a non-speaking order

Nuvama Wealth and Investment Limited Vs ACIT (ITAT Hyderabad) ITAT Hyderabad held that order passed without giving reasons for the conclusions arrived at is a non-speaking order and the same is liable to be set aside. Facts- During the course of scrutiny of the return of income for the assessment year 2017-18, AO disallowed the Employee Stock Option Plan (ESOP) cost claimed by the assessee as expenditure. Assessee preferred appeal before the learned CIT(A) and submitted that under the ESOP scheme formulated by Edelweiss Financial Services Limited (EFSL) of which the assessee is a subsidiary, t...