share premium of
Rs.490/- per share on allotment of shares of face value of Rs.10/- per share.
The AO considered the share premium ... issued shares at a
premium of Rs.190/- per share and collected a sum of Rs.7.53 crores
including share premium amount
contradiction between a reserve and share premiums. Premiums received on shares are not strictly capital. As premiums received on shares cannot be said ... disclose a separate share premium account, but the receipts on account of share premium amounting to Rs. 45,50,000 were first entered
share premium raised for the specified approved purposes
and the creation of share premium account in the books of accounts for
share premium received ... share
premium money to invest in shares. The Assessing Officers have failed to
understand the difference between utilization of funds and creation of
share premium
share premium raised for the specified approved purposes
and the creation of share premium account in the books of accounts for
share premium received ... share
premium money to invest in shares. The Assessing Officers have failed to
understand the difference between utilization of funds and creation of
share premium
respect of share capital and share premium. It has been observed
in the assessment order that the details of share capital and share ... shares in
comparison to the premium received on the shares is not substantiated.
Therefore, the large premium received by the assessee company
amounting
Share Capital and Share Premium was duly
examined by the AO and no additions were made on account of
Share Capital or Share Premium ... income as well as the
resources to contribute such huge share capital/ share
premium amounting to Rs.3.57 crores in Appellant Company
Name No. of Shares Amount Rate per Amount Rate of Issue Total
alloted/ Adjusted share adjusted against premium price of Consideration
applied against share share ... credited consists of share application money, share capital, share
premium or any such amount by whatever name called, any
explanation offered by such assessee-company
Name No. of Shares Amount Rate per Amount adjusted Rate of Issue Total
No. alloted/ Adjusted share against share premium per price of Consideration
applied ... 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
receipt aggregate amount
of premium is to be transferred to an account called the share premium
account. This share premium account is not distributable ... credited consists of share application money, share capital, share
premium or any such amount by whatever name called, any
explanation offered by such assessee-company
receipt aggregate amount
of premium is to be transferred to an account called the share premium
account. This share premium account is not distributable ... credited consists of share application money, share capital, share
premium or any such amount by whatever name called, any
explanation offered by such assessee-company
