https://www.taxtmi.com/caselaws?id=6761 Bonus shares count for rebate reduction under the Finance Act, 1956 only when the issue process is actually completed and the shares have passed into shareholders' ownership; a mere resolution or agreement to create bonus shares is insufficient. The same approach applies to paid-up capital: it means capital actually paid up on the relevant statutory date, not capital expected to be brought in later. On the stated facts, the bonus shares were not issued during the accounting year and were not part of paid-up capital on the relevant date, so the rebate claim based on those shares was disallowed. en-us Fri, 05 Feb 1965 00:00:00 +0530 Mon, 02 Feb 2009 08:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6761 Bonus shares count for rebate reduction under the Finance Act, 1956 only when the issue process is actually completed and the shares have passed into shareholders' ownership; a mere resolution or agreement to create bonus shares is insufficient. The same approach applies to paid-up capital: it means capital actually paid up on the relevant statutory date, not capital expected to be brought in later. On the stated facts, the bonus shares were not issued during the accounting year and were not part of paid-up capital on the relevant date, so the rebate claim based on those shares was disallowed. Case-Laws Income Tax Fri, 05 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6761