https://www.taxtmi.com/caselaws?id=19730 The court upheld the validity of the Income-tax Officer's jurisdiction under section 147(a) for the assessment years 1968-69 and 1969-70. Regarding the classification of bonus shares for capital gains, the court rejected the assessee's argument and affirmed that bonus shares are considered short-term capital assets from their issuance date. Consequently, the sale of these shares within twelve months of issuance results in short-term capital gains. The court answered question No. 2 in favor of the Revenue and against the assessee, disposing of the reference with no order as to costs. en-us Wed, 22 Dec 1993 00:00:00 +0530 Mon, 09 Nov 2009 13:04:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19730 The court upheld the validity of the Income-tax Officer's jurisdiction under section 147(a) for the assessment years 1968-69 and 1969-70. Regarding the classification of bonus shares for capital gains, the court rejected the assessee's argument and affirmed that bonus shares are considered short-term capital assets from their issuance date. Consequently, the sale of these shares within twelve months of issuance results in short-term capital gains. The court answered question No. 2 in favor of the Revenue and against the assessee, disposing of the reference with no order as to costs. Case-Laws Income Tax Wed, 22 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19730