https://www.taxtmi.com/caselaws?id=5586 SC affirmed HC: underwriting commission and brokerage received in respect of shares not subscribed by the public and purchased by the taxpayer were not taxable income but reduced the acquisition cost of the shares. Tribunal correctly applied accepted commercial accounting principles governing underwriting accounts, and no provision of the statute contradicted that practice. Revenue failed to show repugnancy to law. The High Court's decision for the taxpayer was upheld and the appeals were dismissed. en-us Fri, 11 Apr 1997 00:00:00 +0530 Mon, 13 Oct 2025 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5586 SC affirmed HC: underwriting commission and brokerage received in respect of shares not subscribed by the public and purchased by the taxpayer were not taxable income but reduced the acquisition cost of the shares. Tribunal correctly applied accepted commercial accounting principles governing underwriting accounts, and no provision of the statute contradicted that practice. Revenue failed to show repugnancy to law. The High Court's decision for the taxpayer was upheld and the appeals were dismissed. Case-Laws Income Tax Fri, 11 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5586