Court Rules Share Premium Proceeds Not Taxable u/s 56(1), Despite Violating Companies Act Section 78.

Taxability of proceed of share premium u/s 56(1) - utilization of share premium account for not specified purposes - violation of section 78 of the Companies Act, 1956 - money was received from 10 corporate share holder group companies of the assessee. - the amount and share premium account were utilized by assessee for its business purposes - additions deleted - AT .....

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