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The ITAT Delhi held that the addition u/s 56(2)(vii)(c) for bonus shares received was not applicable as the overall wealth of a shareholder post or pre-bonus remains the same. The Tribunal emphasized that the provisions of section 56(2)(vii)(c) were not attracted in cases of bonus shares as there is no transfer of property to shareholders. The Tribunal referred to a similar case involving the wife of the assessee where the addition was made on identical facts, and held that the AO's invocation of the provision was incorrect. The Tribunal dismissed the revenue's appeal, stating that the money remains with the company in cases of bonus shares and no double benefit is derived by the assessee.
The ITAT Delhi held that the addition u/s 56(2)(vii)(c) for bonus shares received was not applicable as the overall wealth of a shareholder post or pre-bonus remains the same. The Tribunal emphasized that the provisions of section 56(2)(vii)(c) were not attracted in cases of bonus shares as there is no transfer of property to shareholders. The Tribunal referred to a similar case involving the wife of the assessee where the addition was made on identical facts, and held that the AO's invocation of the provision was incorrect. The Tribunal dismissed the revenue's appeal, stating that the money remains with the company in cases of bonus shares and no double benefit is derived by the assessee.
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