https://www.taxtmi.com/caselaws?id=21857 Shares issued as consideration for acquired technical know-how, drawings and designs were treated as part of paid-up share capital for surtax computation. The Explanation to rule 2 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 excludes paid-up share capital brought into existence by creating or increasing a book asset, but that mischief did not apply where the assessee had actually purchased the drawings and designs from third parties and issued shares as the agreed consideration. The shares were therefore includible in capital computation, and the issue was answered in favour of the assessee. en-us Tue, 30 Apr 1991 00:00:00 +0530 Wed, 02 Dec 2009 12:17:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21857 Shares issued as consideration for acquired technical know-how, drawings and designs were treated as part of paid-up share capital for surtax computation. The Explanation to rule 2 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 excludes paid-up share capital brought into existence by creating or increasing a book asset, but that mischief did not apply where the assessee had actually purchased the drawings and designs from third parties and issued shares as the agreed consideration. The shares were therefore includible in capital computation, and the issue was answered in favour of the assessee. Case-Laws Income Tax Tue, 30 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21857