https://www.taxtmi.com/caselaws?id=36164 The court found that underwriting commission accrues when the subscription list is open, ceasing at the close of banking hours. The commission on shares subscribed by the public is taxable income for the assessee. However, commission on shares held by the assessee reduces the cost of those shares and is not separately taxable. Each party was directed to bear their own costs due to the divided success in the case. en-us Mon, 30 Jun 1980 00:00:00 +0530 Fri, 19 Mar 2010 16:51:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36164 The court found that underwriting commission accrues when the subscription list is open, ceasing at the close of banking hours. The commission on shares subscribed by the public is taxable income for the assessee. However, commission on shares held by the assessee reduces the cost of those shares and is not separately taxable. Each party was directed to bear their own costs due to the divided success in the case. Case-Laws Income Tax Mon, 30 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36164