https://www.taxtmi.com/caselaws?id=449740 Bombay HC held that share premium received on issue of fresh shares is a capital receipt and not chargeable to tax; the AO's addition of the entire share premium as unexplained cash credit under s.68 was overturned. Non-compliance with Section 78(2) of the Companies Act does not convert a capital receipt into taxable income, and absent evidence of impermissible utilization of the share premium, the addition was unjustified. The appeal was decided in favour of the assessee. en-us Fri, 09 Feb 2024 00:00:00 +0530 Sat, 20 Sep 2025 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449740 Bombay HC held that share premium received on issue of fresh shares is a capital receipt and not chargeable to tax; the AO's addition of the entire share premium as unexplained cash credit under s.68 was overturned. Non-compliance with Section 78(2) of the Companies Act does not convert a capital receipt into taxable income, and absent evidence of impermissible utilization of the share premium, the addition was unjustified. The appeal was decided in favour of the assessee. Case-Laws Income Tax Fri, 09 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449740