https://www.taxtmi.com/caselaws?id=276324 The court affirmed that the premium received on shares should be included in the paid-up share capital for calculating the rebate in income tax assessment. The judgment emphasized that the premium amount formed part of the company's reserves, aligning with provisions of the Finance Act, 1956, and section 78 of the Companies Act, 1956. It was established that section 78 of the Companies Act, 1956, including the treatment of share premium account, applied to banking companies unless expressly excluded by the Banking Companies Act. The decision highlighted the retrospective nature of section 78(3) and the requirement for maintaining a share premium account for companies receiving share premiums. en-us Tue, 17 Dec 1963 00:00:00 +0530 Tue, 06 Nov 2018 12:13:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276324 The court affirmed that the premium received on shares should be included in the paid-up share capital for calculating the rebate in income tax assessment. The judgment emphasized that the premium amount formed part of the company's reserves, aligning with provisions of the Finance Act, 1956, and section 78 of the Companies Act, 1956. It was established that section 78 of the Companies Act, 1956, including the treatment of share premium account, applied to banking companies unless expressly excluded by the Banking Companies Act. The decision highlighted the retrospective nature of section 78(3) and the requirement for maintaining a share premium account for companies receiving share premiums. Case-Laws Income Tax Tue, 17 Dec 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276324