Deduction u/s 35 D
Court :
High Court
Brief :
neither reserve nor the surplus of the assessee is a part of the capital employed in the business of the company.
Citation :
Berger Paints India Ltd. Vs. C.I.T.
Deduction u/s 35D
Berger Paints India Ltd. Vs. C.I.T. 05/15/2006
[2007] 292 ITR 658 (Delhi)
Case Fact: Whether, premium on issue of share is part of "Capital Employed" in the business of company with in the meaning of section 35D?
Decision: Held by the Hon`ble Court that, as per section 35D(3) neither reserve nor the surplus of the assessee is a part of the capital employed in the business of the company. Therefore security premium collected by the assessee would not constitute a part of the "capital employed in the business of the company".
CA.Saibaburao Nanduri
Published in Income Tax
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