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Income Tax - Highlights / Catch Notes

Home Highlights March 2020 Year 2020 This

Taxability of proceed of share premium u/s 56(1) - utilization ...

Income Tax

March 12, 2020

Taxability of proceed of share premium u/s 56(1) - utilization of share premium account for not specified purposes - violation of section 78 of the Companies Act, 1956 - money was received from 10 corporate share holder group companies of the assessee. - the amount and share premium account were utilized by assessee for its business purposes - additions deleted - AT

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