In the relevant years of account, the share premium formed an identifiable part of the reserves of the Company but was number shown in a separate share premium account apart from the reserves.
45,50,000 should be added to the paid up capital of the assessee as on 1st January, 1955, for the purpose of allowing rebate to the ass under Paragraph D of Part III of the First Schedule to the Indian Finance Act, 1956.
30,50,000 in companyputing the reduction in the rebate in super tax, and directed modification of the order of assessment.
Appeals from the judgments and orders dated December 17, 1963 and April 6, 1965 of the Calcutta High Court in Income tax References Nos.
61,000 the rebate in super tax admissible under the Finance Acts 1956 on the view that the Company had distributed dividend exceeding 6 of its paid up capital.
The Appellate Assistant Commissioner held that the Companys share premium was liable to be added to the capital of Rs.
45,50,000.
87 of 1960 and 30 of 1962 respectively.
T. Desai, S. C. Manchanda and B. D. Sharma, for the appellants in both the appeals .
Sachin Chaudhuri, Sukumar Mitra and D. N. Mukherjee,.
CIVIL APPELLATE JURISDICTION Civil Appeals Nos.
701 and 702 of 1968.
The Judgment of the Court was delivered by Shah, J. The Allahabad Bank Ltd. is a public limited company pany.
The Appellate Tribunal agreed with the Appellate Assistant Commissioner.
In each of the account years 1955 and 1956 the Company distributed Rs.
5,49,000 as dividend.
A similar question relating to the assessment year 1957 58 was, also referred by the Tribunal.
for the respondent in both the appeals .
45,50,000 received by the Company.
30,50,000 The Company had issued before January 1, 1954, shares at premium and the premium received in cash aggregated to Rs.
In reducing the rebate the Income tax Officer did number take into companysideration share premium amounting to Rs.
The paid up share capital of the Company other than capital entitled to a dividend at a fixed rate was at the relevant time Rs.
In proceedings for assessment for each of the assessment years 1956 57 and 1957 58 the Income tax Officer reduced by Rs.
