Assessee, a shareholder, received bonus shares. The Assessing Officer held that assessee had received property in form of bonus shares without consideration and, therefore, the mischief of section 52(2)(vii)(c) was applicable. Held that provisions of section 56(2)(vii)(c) were not applicable to bonus shares. (AY. 2015-16)
DCIT v. Bhanu Chopra (2022) 195 ITD 767 (Delhi)(Trib.)
S. 56 : Income from other sources-Bonus shares-Provisions of section 56(2)(vii)(c) are not applicable to bonus shares. [S. 56(2)(vii)(c)]