https://www.taxtmi.com/caselaws?id=797400 Share premium received on a fresh allotment of equity shares to a non-resident is a capital receipt and is not taxable as income unless an express charging provision applies. The deeming provision for excess share premium was limited to amounts received from residents and did not cover a non-resident shareholder; the relevant departmental instruction on capital-account transactions bound income-tax authorities. Reassessment based on an alleged sale or transfer is invalid where the material establishes a fresh allotment. Reliance on lack of genuineness without raising that ground in the show-cause notice or allowing a response also breaches natural justice. en-us Tue, 11 Aug 2026 00:00:00 +0530 Fri, 21 Aug 2026 08:28:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797400 Share premium received on a fresh allotment of equity shares to a non-resident is a capital receipt and is not taxable as income unless an express charging provision applies. The deeming provision for excess share premium was limited to amounts received from residents and did not cover a non-resident shareholder; the relevant departmental instruction on capital-account transactions bound income-tax authorities. Reassessment based on an alleged sale or transfer is invalid where the material establishes a fresh allotment. Reliance on lack of genuineness without raising that ground in the show-cause notice or allowing a response also breaches natural justice. Case-Laws Income Tax Tue, 11 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797400