https://www.taxtmi.com/caselaws?id=12433 The High Court dismissed the Revenue's appeal regarding the treatment of income derived from bonus shares after the revocation of a gift made by the assessee in the assessment year 1982-83. The court found that the Revenue's argument lacked statutory support and evidence, noting that only a portion of the shares had reverted to the assessee. Emphasizing the inconsistency in the Revenue's position, the court held that the dividend on the bonus shares could not be considered the income of the assessee. The parties were directed to bear their own costs. en-us Fri, 17 May 2002 00:00:00 +0530 Wed, 24 Feb 2010 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12433 The High Court dismissed the Revenue's appeal regarding the treatment of income derived from bonus shares after the revocation of a gift made by the assessee in the assessment year 1982-83. The court found that the Revenue's argument lacked statutory support and evidence, noting that only a portion of the shares had reverted to the assessee. Emphasizing the inconsistency in the Revenue's position, the court held that the dividend on the bonus shares could not be considered the income of the assessee. The parties were directed to bear their own costs. Case-Laws Income Tax Fri, 17 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12433