https://www.taxtmi.com/caselaws?id=241284 Treatment of share premium: Board discretion to fix premium and shareholders assent held determinative; where subscriber identity and genuineness were verified and funds routed through banking channels, share premium was not taxable as income under section 56(1), and funds were found applied in subsidiary companies, resulting in relief to the assessee. Commencement of business: certificate of commencement and active subsidiary operations, including electricity generation, established business commencement and allowed ordinary deductions including depreciation, favouring the assessee. Interest on fixed deposits: recurring FDs held to evidence intention to earn and derive business income, so interest taxed under business income, favouring the assessee. en-us Fri, 23 Aug 2013 00:00:00 +0530 Fri, 30 Jan 2026 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241284 Treatment of share premium: Board discretion to fix premium and shareholders assent held determinative; where subscriber identity and genuineness were verified and funds routed through banking channels, share premium was not taxable as income under section 56(1), and funds were found applied in subsidiary companies, resulting in relief to the assessee. Commencement of business: certificate of commencement and active subsidiary operations, including electricity generation, established business commencement and allowed ordinary deductions including depreciation, favouring the assessee. Interest on fixed deposits: recurring FDs held to evidence intention to earn and derive business income, so interest taxed under business income, favouring the assessee. Case-Laws Income Tax Fri, 23 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241284