Share premium cannot be treated as capital employed for Section 35D: SC

Advocate Akhilesh Kumar Sah Premium collected by a company issuing shares cannot be treated “capital employed in the business of the Company” for the purposes of Section 35D(3) Section 35D of the Income Tax Act, 1961 (‘the Act’ for short) deals with amortisation of certain preliminary expenses. In Berger Paints India Ltd. vs. CIT [Civil Appeal No.2162 Of 2007 with Civil Appeal No.2163 Of 2007, decided on 28.03.2017], briefly, these appeals were filed against the final judgment and orders dated 15.05.2006 passed by the High Court of Delhi at New Delhi in Appeal Nos. ITA No. 799...