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            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

            Provisions expressly mentioned in the judgment/order text.

            <h1>Share premium taxation on closely held companies removed, changing treatment of excess consideration over face value.</h1> Share premium in closely held companies exceeding face value was taxable as income from other sources, calculated as aggregate consideration minus fair market value where fair market value equalled the higher of prescribed valuation method or company substantiated asset based valuation including intangible assets. Exemptions covered receipts from specified funds/venture capital, notified person classes, non resident issues and widely held companies; noncompliance with notification conditions made excess consideration taxable in the year of failure. The provision is made inoperative from the specified future effective date under recent finance legislation.

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