DEVAS MULTIMEDIA PRIVATE LIMITED vs. THE PRINCIPAL COMMISSIONER OF INCOME-TAX
WP/11618/2016HC Karnataka27 Sept 2019
Bench: The Hon’Ble Mr.Justice P.B. Bajanthri Writ Petition No.11618 Of 2016 (T-It) Between:
Section 142(4)Section 143(2)Section 143(3)Section 144Section 144CSection 263Section 92C
Gains
chargeable
to
tax
under Section 45 of the Act
are, denied to be income.
The amounts received on
issue
of
share
capital
including the premium is
undoubtedly
on
capital
account. Share premium
have been made taxable by a
legal fiction under Section
56(2)(viib) of the Act and the
same
is
enumerated
as
Income in Section
