DCIT vs Mahindra CIE Automotive Ltd.

Authority: ITAT Tribunal/Court: Mumbai Date: 2020-12-08 AY: 2008-09, 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 Section: 37(1), 37, 43(2), 17(2), 36(l)(iii) Acts: Income Tax Act 1961 Result: Assessee Citation: 1220Taxpundit4971 Justices: C.N. PRASAD JM & S. RIFAUR RAHMAN AM Appeal No: ITA NO. 2320, 2321, 2322, 2323, 2324 & 2325/MUM/2019
Whether ESOP discount is an allowable business expenditure under section 37(1) of the Income Tax Act, 1961 --- Held Yes; Whether interest on borrowed funds used for capital work-in-progress is disallowable under section 36(1)(iii) --- Held No

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