https://www.taxtmi.com/caselaws?id=5136 Share premium credited to an identifiable separate account was includible in paid-up capital for computing reduction of rebate in super-tax under the relevant Finance Acts. The Court held that the expression "paid-up capital" covered premiums received in cash and standing to the credit of the share premium account, and the statute did not require that such account be kept outside reserves unless the governing enactment expressly said so. For the earlier assessment year, the pre-1956 company law regime applied and the 1956 Companies Act was not retrospective. The company's appeals therefore failed. en-us Fri, 14 Feb 1969 00:00:00 +0530 Thu, 20 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5136 Share premium credited to an identifiable separate account was includible in paid-up capital for computing reduction of rebate in super-tax under the relevant Finance Acts. The Court held that the expression "paid-up capital" covered premiums received in cash and standing to the credit of the share premium account, and the statute did not require that such account be kept outside reserves unless the governing enactment expressly said so. For the earlier assessment year, the pre-1956 company law regime applied and the 1956 Companies Act was not retrospective. The company's appeals therefore failed. Case-Laws Income Tax Fri, 14 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5136