Market regulator Sebi has notified new ESOP regulations, including for purchase of shares by employee welfare trusts from the secondary market with adequate safeguards. The Securities and Exchange Board of India (Sebi) has allowed companies to have employee stock option programmes where they can buy their own company shares subject to certain conditions.
Jagat Jayantilal Parikh vs. Dy. CIT 355 ITR 400 (Guj.)
Reassessment on the basis of audit objection not valid
Original assessment was completed on scrutiny. In the post-assessment period, the audit party raised objections and the A.O. had in internal communication, strongly objected to them. No material emerged to indicate any independent application of mind by the A.O. The facts on the contrary clearly established the absence of subjective satisfaction of the A.O. Thus, such notice for reopening on the basis of audit objection was not valid
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