Back to basics - ITAT reiterates ‘share premium’ is capital receipt and can’t be taxed as residual i

IT : Where assessee-company was incorporated on 3-4-2008 and during previous year ending on 31-3-2009 it had collected share premium on allotment of shares of face value of Rs. 10 each at a premium of Rs. 490 per share, premium in question could not be taxed under section 56(1) as assessee's income from other sources