https://www.taxtmi.com/caselaws?id=103415 The Supreme Court upheld the High Court's decision that underwriting commission earned by the assessee on shares not subscribed by the public and purchased by the assessee should not be considered taxable income. The Court emphasized that the accounting practice aligns with general accountancy principles and does not contradict the Income-tax Act. The revenue's appeals were dismissed, affirming that the underwriting commission on shares purchased by the assessee is not taxable income. en-us Fri, 11 Apr 1997 00:00:00 +0530 Mon, 28 Jul 2014 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103415 The Supreme Court upheld the High Court's decision that underwriting commission earned by the assessee on shares not subscribed by the public and purchased by the assessee should not be considered taxable income. The Court emphasized that the accounting practice aligns with general accountancy principles and does not contradict the Income-tax Act. The revenue's appeals were dismissed, affirming that the underwriting commission on shares purchased by the assessee is not taxable income. Case-Laws Income Tax Fri, 11 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103415