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2015 (8) TMI 1577 - HC - Income TaxReopening of assessment u/s 147 - reason to believe - share premium amount received over and above the intrinsic value of shares, is income which has escaped assessment - HELD THAT:- It is not the case in the reasons to believe that what has been received as share premium is in fact not share premium. In fact the reasons do proceed on the basis that what has been received is indeed share premium. Prima facie, we are of the view that the basis of the impugned notice stands concluded in Vodafone India Services Pvt. Ltd. Vs Union of India and others [2014 (10) TMI 278 - BOMBAY HIGH COURT] and also Central Board Circular No.2 dated 29 January 2015 that receipt of share premium being on a capital account and cannot be subjected to tax as income. We were inclined to dispose of the petition at the stage of admission itself after hearing the parties. Additional Solicitor General expressed his inability to waive service at this stage. In view of the above, adinterim reliefs in terms of prayer clause (d). Petition is placed for final hearing in the week commencing from 19 October 2015.
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