Summary
- The ITAT Mumbai has quashed the revision under Section 263 concerning JSW Jaigarh Port’s ₹4.83 crore ESOP deduction.
- The tribunal determined that the Assessing Officer had adopted a sustainable view on the deduction.
- This ruling reinforces the stability of tax assessments regarding Employee Stock Option Plans in similar cases.
- The decision may set a precedent for future disputes over ESOP deductions and their scrutiny under Section 263.
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