Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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