Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
