Value of shares allotted under employee stock purchase scheme not a perquisite u/s 17(2)(iiia) of Income Tax Act
The Delhi High Court emphasized that no tax could be levied on notional income, ruling that the Valuation Report obtained by the employer was inapplicable to shares subject to a lock-in stipulation and thus not sellable in the open market; consequently, the Court held that the difference between the allotted price and the market price…
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