https://www.taxtmi.com/caselaws?id=6202 Bonus shares were treated as issued and allotted on the date the shareholders' resolution capitalised accumulated profits and appropriated the shares to members, even though later implementation steps remained. Directions to directors for registration and other formalities were treated as machinery provisions and did not delay the operative effect of the resolution. On that basis, the bonus shares were taken to exist before the relevant previous year ended and their face value was includible in paid-up capital on the first day of that year for rebate computation. The text states that this made the rebate reduction unsustainable. en-us Tue, 21 Apr 1970 00:00:00 +0530 Wed, 23 Nov 2016 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6202 Bonus shares were treated as issued and allotted on the date the shareholders' resolution capitalised accumulated profits and appropriated the shares to members, even though later implementation steps remained. Directions to directors for registration and other formalities were treated as machinery provisions and did not delay the operative effect of the resolution. On that basis, the bonus shares were taken to exist before the relevant previous year ended and their face value was includible in paid-up capital on the first day of that year for rebate computation. The text states that this made the rebate reduction unsustainable. Case-Laws Income Tax Tue, 21 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6202