Bombay High Court Allows Appeal in Income Tax Case on Share Premium Utilization — Tribunal's Direction to Examine Section 78 of Companies Act, 1956 Set Aside as Beyond Scope of Income Tax Proceedings. The court held that the Assessing Officer cannot examine compliance with company law provisions in income tax proceedings, and the Tribunal's order was perverse....
The appellant, Shendra Advisory Services Pvt. Ltd., was a joint venture between Indian promoters (Future Group) and a foreign company, Participatie Maatschappij Graafsshap Holland NV (PMG). As part of...
