https://www.taxtmi.com/caselaws?id=7369 Share premium credited to a banking company's reserve fund, even without a separately titled share premium account, could be treated as part of paid-up capital for super-tax rebate under the relevant Finance Acts. A strictly formal reading requiring a distinct account was rejected because the amounts remained identifiable as share premium and were standing to the credit of an account in substance. The later introduction of section 78 of the Companies Act, 1956 did not control the meaning of the same language in the Finance Acts of 1956, 1957 and 1958. The contrary reliance on section 17 of the Banking Companies Act, 1949 was rejected, and the rebate question was answered in favour of the assessee. en-us Mon, 29 Jan 1968 00:00:00 +0530 Wed, 18 Feb 2009 18:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7369 Share premium credited to a banking company's reserve fund, even without a separately titled share premium account, could be treated as part of paid-up capital for super-tax rebate under the relevant Finance Acts. A strictly formal reading requiring a distinct account was rejected because the amounts remained identifiable as share premium and were standing to the credit of an account in substance. The later introduction of section 78 of the Companies Act, 1956 did not control the meaning of the same language in the Finance Acts of 1956, 1957 and 1958. The contrary reliance on section 17 of the Banking Companies Act, 1949 was rejected, and the rebate question was answered in favour of the assessee. Case-Laws Income Tax Mon, 29 Jan 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7369