https://www.taxtmi.com/caselaws?id=281927 The Tribunal held that section 56(2)(vii) does not apply to the receipt of bonus and right shares, as they do not result in an increase or decrease in the shareholder's wealth. The Tribunal dismissed the challenge against the initiation of proceedings under section 263, as the AO failed to conduct an inquiry regarding the shares allotted to the assessee, justifying the CIT's action. The appeal was allowed in part, with the order pronounced on 27th January 2017. en-us Fri, 27 Jan 2017 00:00:00 +0530 Sat, 13 Jul 2019 07:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281927 The Tribunal held that section 56(2)(vii) does not apply to the receipt of bonus and right shares, as they do not result in an increase or decrease in the shareholder's wealth. The Tribunal dismissed the challenge against the initiation of proceedings under section 263, as the AO failed to conduct an inquiry regarding the shares allotted to the assessee, justifying the CIT's action. The appeal was allowed in part, with the order pronounced on 27th January 2017. Case-Laws Income Tax Fri, 27 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281927