https://www.taxtmi.com/caselaws?id=98300 Bonus shares were treated as issued only when they had actually moved from the company's unissued capital to identifiable shareholders by effective allotment and entry on the register; a resolution or future arrangement was insufficient, so the shares were not issued during the accounting year ended 31 December 1955. Paid-up capital was construed as capital actually paid up on the relevant date, not capital notionally created by resolution, so bonus shares capitalised later were not includible for the relevant assessment year. On that basis, the rebate claimed under the Finance Act provisions was unavailable and the assessee's claim failed. en-us Fri, 05 Feb 1965 00:00:00 +0530 Fri, 20 Jan 2012 10:56:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98300 Bonus shares were treated as issued only when they had actually moved from the company's unissued capital to identifiable shareholders by effective allotment and entry on the register; a resolution or future arrangement was insufficient, so the shares were not issued during the accounting year ended 31 December 1955. Paid-up capital was construed as capital actually paid up on the relevant date, not capital notionally created by resolution, so bonus shares capitalised later were not includible for the relevant assessment year. On that basis, the rebate claimed under the Finance Act provisions was unavailable and the assessee's claim failed. Case-Laws Companies Law Fri, 05 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98300