https://www.taxtmi.com/caselaws?id=393321 The Tribunal held that the share premium received by the assessee was not taxable under Section 56(1) of the Income Tax Act, as it was justified and utilized for business purposes. The addition of the share premium amount under Section 56(1) was deleted. Additionally, the Tribunal ruled that the provisions of Section 115O regarding dividend distribution tax were not applicable since there was no distribution of assets to shareholders. The Tribunal found no violation of Section 78(2) of the Companies Act, affirming that the share premium was utilized for business purposes. The revenue's appeals were dismissed, and the assessee's appeal was partly allowed. en-us Wed, 29 Jan 2020 00:00:00 +0530 Thu, 12 Mar 2020 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393321 The Tribunal held that the share premium received by the assessee was not taxable under Section 56(1) of the Income Tax Act, as it was justified and utilized for business purposes. The addition of the share premium amount under Section 56(1) was deleted. Additionally, the Tribunal ruled that the provisions of Section 115O regarding dividend distribution tax were not applicable since there was no distribution of assets to shareholders. The Tribunal found no violation of Section 78(2) of the Companies Act, affirming that the share premium was utilized for business purposes. The revenue's appeals were dismissed, and the assessee's appeal was partly allowed. Case-Laws Income Tax Wed, 29 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393321