https://www.taxtmi.com/caselaws?id=28523 The Income-tax Appellate Tribunal was justified in refusing to state the case and refer questions of law arising from orders in various assessment years. The surplus realized by the assessee-company from the sale of securities was considered as premium, not income, based on legal principles. The deduction of bad debts written off by the assessee was allowed, rejecting the notion of any saving during asset acquisition. The Tribunal's decisions were upheld, emphasizing the treatment of surplus as premium and allowing the deduction of bad debts based on the real value of shares allotted. en-us Wed, 29 Aug 1979 00:00:00 +0530 Tue, 23 Feb 2010 12:54:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28523 The Income-tax Appellate Tribunal was justified in refusing to state the case and refer questions of law arising from orders in various assessment years. The surplus realized by the assessee-company from the sale of securities was considered as premium, not income, based on legal principles. The deduction of bad debts written off by the assessee was allowed, rejecting the notion of any saving during asset acquisition. The Tribunal's decisions were upheld, emphasizing the treatment of surplus as premium and allowing the deduction of bad debts based on the real value of shares allotted. Case-Laws Income Tax Wed, 29 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28523