https://www.taxtmi.com/caselaws?id=276324 Premium received on issue of shares could be treated as part of paid-up capital for rebate computation under the Finance Act, 1956 when it stood credited to share premium account and remained an identifiable component of reserves. Section 78(3) of the Companies Act, 1956 operated as a deeming provision for premium received before that Act commenced, and the banking statute did not exclude its application to banking companies. On the facts, the premium was carried forward in reserves without appropriation or write-off, so it was includible in paid-up capital for rebate purposes. 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 Premium received on issue of shares could be treated as part of paid-up capital for rebate computation under the Finance Act, 1956 when it stood credited to share premium account and remained an identifiable component of reserves. Section 78(3) of the Companies Act, 1956 operated as a deeming provision for premium received before that Act commenced, and the banking statute did not exclude its application to banking companies. On the facts, the premium was carried forward in reserves without appropriation or write-off, so it was includible in paid-up capital for rebate purposes. Case-Laws Income Tax Tue, 17 Dec 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276324