Held that discount on issue of ESOP was not a contingent liability but an ascertained liability hence the discount on issue of ESOP was an allowable deduction under section 37(1) as same was to be treated as remuneration to employees for their continuity of service. (AY. 2003-04)
CIT (LTU) v. Biocon Ltd. (2021) 131 taxmann.com 187 (Karn.)(HC) Editorial : Notice is issued in SLP filed by the revenue, CIT(LTU) v. Biocon Ltd. (2021) 283 Taxman 290 (SC)
S. 37(1) : Business expenditure-Discount on issue of ESOP-Allowable as deduction.