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<h1>Supreme Court Overturns Taxation of Bonus Shares as Income</h1> <h3>Commissioner of Income-Tax, Uttar Pradesh Versus Kunji Lal Gupta (Decd. By Legal Representatives)</h3> Commissioner of Income-Tax, Uttar Pradesh Versus Kunji Lal Gupta (Decd. By Legal Representatives) - [1971] 81 ITR 474 (SC) The Supreme Court allowed the appeal regarding the taxation of sale proceeds of bonus shares as income under the Indian Income-tax Act, overruling the High Court's decision. No costs were awarded. (Case citation: 1970 (4) TMI 28 - SC)