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October 19, 2026   Case Laws Income Tax
Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expenditure remains allowable.
October 19, 2026   Case Laws Customs
Speaking-order requirements protect importers where reassessment changes classification and value without proven grounds or procedural fairness.
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Intermediary services in overseas film-production arrangements fall outside India's taxable territory, eliminating reverse-charge tax where representatives merely facilitate procurement.
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Preferential tariff concessions for New Zealand-origin imports apply subject to origin proof, specified customs rates, and tariff quota conditions.
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October 18, 2026   Circulars SEBI
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October 18, 2026   Circulars Customs
Import bonded trucking permission enables air-cargo transshipment under ECTS seals, subject to bond liability and renewal conditions.
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Home › Highlights › Income Tax › 2025 › July, 2025 › This
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Income Tax

The SC dismissed the SLP on grounds of both unexplained delay of...

Share Premium on Shares Is Capital, Not Income; Section 68 Addition Disallowed Due to No Section 78(2) Violation

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Income Tax July 18, 2025 Case Laws SCH
The SC dismissed the SLP on grounds of both unexplained delay of 271 days and merits. The Court upheld the HC's finding that share premium received on issuance of shares constitutes a capital account transaction and does not generate income. The addition of the entire share premium as unexplained cash credit under Section 68 was improper, given the absence of any violation of Section 78(2) of the Companies Act, 1956 regarding utilization of the share premium account. The Assessing Officer's failure to distinguish between creation of share premium and utilization of funds was affirmed. Consequently, no interference was warranted with the HC order, and the addition to income was disallowed.
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