The assessee  received bonus shares from BIPL without taking any consideration for these shares and 1,47,357 right shares were allotted to the assessee at the face value of RS. 10 per share.  The AO applied provisions of S. 56(2)(vii) and made an addition on account of the difference between the fair market value of the bonus shares received by the assessee and the actual consideration at which they were allotted to the assessee as income from other sources. The CIT (A) deleted the addition stating that provisions of S. 56(2)(vii)(c) would not apply to bonus shares. On appeal the Tribunal up held that order of the CIT (A).  (AY 2010-11)