https://www.taxtmi.com/caselaws?id=14097 The court ruled in favor of the assessee regarding the exemption of dividend income from bonus shares under section 11 for the assessment years 1972-73 and 1973-74. However, the court sided with the Revenue in considering the subscribers to the memorandum of association as 'founders' of the society and in determining that substantial contributions were made to the society by certain individuals. The court also clarified that there was no specific timing requirement for contributions to qualify as substantial. en-us Thu, 08 Mar 2001 00:00:00 +0530 Mon, 13 Jul 2009 16:19:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14097 The court ruled in favor of the assessee regarding the exemption of dividend income from bonus shares under section 11 for the assessment years 1972-73 and 1973-74. However, the court sided with the Revenue in considering the subscribers to the memorandum of association as 'founders' of the society and in determining that substantial contributions were made to the society by certain individuals. The court also clarified that there was no specific timing requirement for contributions to qualify as substantial. Case-Laws Income Tax Thu, 08 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14097