https://www.taxtmi.com/caselaws?id=266768 The tribunal held that the share premium received by the assessee was a capital receipt and not taxable for the assessment year 2010-11. It was established that the share premium was genuine, used for business purposes, and compliant with Section 78 of the Companies Act. The tribunal found that the Assessing Officer had conducted sufficient enquiries, and the CIT's order under Section 263 of the I.T. Act was deemed unjustified. As a result, the appeal of the assessee was allowed. en-us Fri, 11 Sep 2015 00:00:00 +0530 Fri, 18 Dec 2015 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266768 The tribunal held that the share premium received by the assessee was a capital receipt and not taxable for the assessment year 2010-11. It was established that the share premium was genuine, used for business purposes, and compliant with Section 78 of the Companies Act. The tribunal found that the Assessing Officer had conducted sufficient enquiries, and the CIT's order under Section 263 of the I.T. Act was deemed unjustified. As a result, the appeal of the assessee was allowed. Case-Laws Income Tax Fri, 11 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266768