The assessee held shares in a company. During the year he received certain bonus shares being allotted by the company. The Assessing Officer held that the assessee had received property in the form of bonus shares without consideration and, therefore, mischief of section 56(2)(vii)(c) was applicable . He further computed the fair market value of bonus shares at a certain amount and added said amount to the income of the assessee. On appeal the CIT(A)   held that the provisions of section 56(2)(vii)(c) were not applicable to the bonus shares and deleted the addition. On appeal by Revenue the Tribunal affirmed the order of CIT(A) . Referred  Dy. CIT v. Dr. Rajan Pai ( 2017) 82 taxmann.com 347 ( Bang )( Trib) ,Sudhir Menon HUF v. A CIT ( 2014) 148 ITD 260 ( Mum) ( Trib), CIT v. Dalmia Investment Co. Ltd ( 1964 ) 52 ITR 567 ( SC) . ( AY. 2015 -16 )