Income from IPO Brokerage Must Be Recognized by Assessee Company; Overriding Title Principle Not Applicable.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Accrual of income - brokerage on new issue of shares (IPO) - double taxation - all the income earned at the first stage has to be treated as income of the assessee company. The doctrine of overriding title cannot be applied to the case of the assessee company. - AT....