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<h1>Bonus shares post-1954 not eligible under IT Act</h1> The High Court of Gujarat ruled against the assessee, stating that bonus shares acquired after January 1, 1954, did not qualify for the option under ... Annuity Policy, Bonus Shares, Capital Gains, Market Value The High Court of Gujarat addressed three questions referred by the Income-tax Appellate Tribunal. Questions 2 and 3 were answered in favor of the assessee based on a previous decision. However, regarding question 1, the court ruled against the assessee, stating that the bonus shares acquired after January 1, 1954, did not qualify for the option under section 55(2)(b)(i) of the Income-tax Act, 1961.
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