During year, assessee shareholder had received bonus shares.\u00a0 Assessing Officer held\u00a0 that bonus shares were received by assessee without any consideration and held\u00a0 invoked provisions of section 56(2)(vii)(c) and made addition to income of assessee for bonus shares received. CIT(A) deleted the addition. On appeal the Tribunal held that\u00a0\u00a0 on identical set of facts in case of wife of assessee,\u00a0 (Dy.CIT v. Aruna Chandhok (ITA No. 387 \/ Delhi) of 2021 dt. 5-9-2023)\u00a0\u00a0 Tribunal held that bonus shares were issued only out of capitalization of existing reserves in company and since overall wealth of a shareholder post-bonus or pre-bonus remained same, provision of section 56(2)(vii)(c) are not attracted for taxing bonus shares as income from other sources. Order of CIT(A) is affirmed.\u00a0 (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 56 : Income from other sources-Bonus shares-Out of capitalization of existing reserves in company-Overall wealth of a shareholder post-bonus or pre-bonus remains same-therefore, Provisions of section 56(2)(vii)(c) are not attracted in respect of bonus shares. [S. 56(2)(vii(c)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-48088","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cvC","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=48088"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48088\/revisions"}],"predecessor-version":[{"id":48089,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48088\/revisions\/48089"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}