Madhya Pradesh High Court
M/S Texmo Pipes And Products Limited vs The Principal Commissioner Of Income ... on 3 May, 2017
ITA-127-2016
(M/S TEXMO PIPES AND PRODUCTS LIMITED Vs THE PRINCIPAL COMMISSIONER OF INCOME TAX)
Shri Mukesh Agrawal, learned counsel for the appellant.
Shri Sanjay Lal, learned counsel for the respondent No.2.
This appeal has been filed by the appellant raising a substantial questions of law to the effect that the premium amount received by the appellant on issue of shares would amount to capital employed in the business of the Company and on that count the appellant would be entitled to claim deductions.
The learned counsel for the appellant fairly points out that the issue raised in the present appeal stands concluded against the assessee and is squarely covered by the decision of the Supreme Court rendered in the case of M/s. Berger Paints India Ltd. Vs. C.I.T. Delhi-V 2017 SCC Online SC 285 wherein the Supreme Court has held that such a premium amount received by the assessee is not capital employed in the business of the Company and therefore the assessee cannot claim nor is he entitled to claim any deduction in relation to the premium amount received by him from the share- holders.
As the issue involved in the present appeal stands decided by the Apex Court in terms of the aforesaid decision, we find no substantial question of law arises for adjudication of this appeal. The appeal filed by the appellant being meritless is accordingly dismissed.
(RAVI SHANKAR JHA) (ASHOK KUMAR JOSHI)
JUDGE JUDGE
kundan