https://www.taxtmi.com/caselaws?id=279868 Bonus shares arising from gifted equity shares remained taxable under the Gift-tax Act, 1958 where the original gift was revoked only in respect of the underlying shares and the bonus shares continued with the donee. The statutory charge was applied to the value represented by the bonus shares, because the scheme of the Act did not exclude them merely due to later revocation of the original gift. The HC held that bonus shares are generated from the original shares and their value could therefore be brought to gift tax when retained by the transferee. The assessment was restored and the assessee's challenge to taxability failed. en-us Wed, 17 Dec 2008 00:00:00 +0530 Tue, 09 Apr 2019 14:57:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279868 Bonus shares arising from gifted equity shares remained taxable under the Gift-tax Act, 1958 where the original gift was revoked only in respect of the underlying shares and the bonus shares continued with the donee. The statutory charge was applied to the value represented by the bonus shares, because the scheme of the Act did not exclude them merely due to later revocation of the original gift. The HC held that bonus shares are generated from the original shares and their value could therefore be brought to gift tax when retained by the transferee. The assessment was restored and the assessee's challenge to taxability failed. Case-Laws Wealth-tax Wed, 17 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279868