date of finalisation of the duly audited accounts" means the date on which the audited accounts of the company are adopted at the annual general ... free reserves" means all reserves credited out of the profits and share premium account but does not include reserves credited out of re-evaluation
loss account of the previous year in respect of which the deduction is to be allowed and credited to a reserve account, to be utilised ... amounts of the paid-up share capital, the general reserves and amount credited to the share premium account of the assessee, no allowance under this
fund under sub-section (1), together with the amount in the share premium account is not less than the paid-up capital of the banking ... appropriates any sum or sums from the reserve fund or the share premium account, it shall, within twenty-one days from the date of such
profit every year as disclosed in the profit and loss account and before any dividend is declared. (2) No appropriation of any sum from ... fund under sub-section (1) together with the amount in the share premium account is not less than the paid-up capital
amount representing share premium was
not to be added to the share capital because (1) the
expression "share premium account" in the definition ... purpose of rebate in super-tax,
share premium standing to the credit of a share premium
account shall be excluded it does not make maintenance
share premium account
were paid-up share capital of the company.
(2) The share premium account may,
notwithstanding anything in sub-section (1),
be applied ... enjoins a company, when
it issues shares at a premium, to transfer the premiums to
an account called 'the Share Premium Account
aggregate amount of the premium received on those shares shall be transferred to a share premium account, and the provisions of sub-sections ... share premium account were the paid-up share capital of the Corporation. (6) The share premium account referred to in sub-section
assessee for treating the share capital/premium as income of the assessee on the
following grounds: -
a) Share premium/Share capital paid by investor companies ... investors mutually and share applicant
companies have agreed to pay this share premium. There was no bar to issue shares on
premium under Companies
recording reasons "Thus the assessee company has taken bogus share
capital/share premium account from the above said entry providers amounting ... submitting that the reference to share capital/share
premium account was an inadvertent error.
7.4. According to Mr. Singh, the accommodation entries were reflected
Where shares are issued at a
premium, whether for cash or otherwise, the premium is to be carried into a
share premium account ... debit balance (losses) in the profit and loss
account with the paid up share capital (share premium), as proposed in the
scheme of arrangement
