https://www.taxtmi.com/caselaws?id=60664 Interest received for delay in payment of call money was treated as taxable because the issue had already been decided against the assessee in its earlier years and that precedent was followed. By contrast, the amount forfeited on default in payment of call money and the premium received on re-issue of forfeited shares were treated as capital receipts, since forfeiture of shares was regarded as part of the company's capital structure rather than a trading transaction. Amounts credited to capital reserve or share premium account were therefore not assessable as income. en-us Wed, 15 Sep 1993 00:00:00 +0530 Fri, 07 Jan 2011 15:07:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60664 Interest received for delay in payment of call money was treated as taxable because the issue had already been decided against the assessee in its earlier years and that precedent was followed. By contrast, the amount forfeited on default in payment of call money and the premium received on re-issue of forfeited shares were treated as capital receipts, since forfeiture of shares was regarded as part of the company's capital structure rather than a trading transaction. Amounts credited to capital reserve or share premium account were therefore not assessable as income. Case-Laws Income Tax Wed, 15 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60664