Section 35D of Income-tax Act – Premium collected by assessee on issue of its share capital has to be excluded for purpose of determining amount of capital employed in business of company while computing deduction under section 35D(3)

CASE LAWS DETAILS DECIDED BY: ITAT DELHI BENCH `A’: NEW DELHI, IN THE CASE OF: DCIT Vs. Axis & T. Ltd., APPEAL NO: I.T.A. Nos. 211 & 823/Del/2010, DECIDED ON July 29, 2010 In the present assessee’s case, it is nobody’s case that the premium collected by the assessee company on the issue of shares is a long-term borrowing within the meaning of clause (c) to the Explanation, either on fact or by a fiction of law. It is also not the case of the assessee that the premium 9 collected by the assessee company on the issue of shares is in any where near or akin to the debentu...