Share Premium as Capital Account Transactions for Issuance of Shares not Taxable Income: Bombay HC [Read Order]

“..the Assessing Officer should avoid bringing far-fetched fancies and ideas. In the case under consideration they have done the same.” – Bombay HC
Bombay High Court - Share premium taxation - Capital account transactions - Issuance of shares - capital receipts - taxscan

In a recent ruling, the Bombay High Court has clarified that the share premium received through the issuance of shares is categorized as a capital account transaction and does not attract taxation as income. The Division Bench of Justices K. R. Shriram and Dr. Neela Gokhale presided over the case and emphasized that any violation…

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