https://www.taxtmi.com/caselaws?id=13034 The High Court ruled against the assessee, favoring the Revenue in a case involving the taxation of capital gains from the sale of bonus shares. The court held that bonus shares were not considered capital assets under the Income-tax Act, thus not attracting capital gains tax. The court emphasized the application of the principle outlined in the Escorts Farms case over the B. C. Srinivasa Setty judgment, clarifying the cost of acquisition for taxing capital gains on bonus shares. en-us Fri, 07 Sep 2001 00:00:00 +0530 Tue, 26 May 2009 10:36:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13034 The High Court ruled against the assessee, favoring the Revenue in a case involving the taxation of capital gains from the sale of bonus shares. The court held that bonus shares were not considered capital assets under the Income-tax Act, thus not attracting capital gains tax. The court emphasized the application of the principle outlined in the Escorts Farms case over the B. C. Srinivasa Setty judgment, clarifying the cost of acquisition for taxing capital gains on bonus shares. Case-Laws Income Tax Fri, 07 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13034