https://www.taxtmi.com/caselaws?id=402279 The court dismissed the appeal by the revenue, upholding the decisions of the Commissioner of Income Tax (Appeals) and the tribunal. It ruled that the fair market value of bonus shares computed under the Income Tax Rules cannot be considered as income from other sources under Section 56(2)(vii) of the Act. The judgment clarified the taxation treatment of bonus shares, emphasizing that the issuance of bonus shares does not involve the transfer of property and does not attract the provisions of Section 56(2)(vii) in this case. en-us Tue, 15 Dec 2020 00:00:00 +0530 Wed, 03 Mar 2021 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402279 The court dismissed the appeal by the revenue, upholding the decisions of the Commissioner of Income Tax (Appeals) and the tribunal. It ruled that the fair market value of bonus shares computed under the Income Tax Rules cannot be considered as income from other sources under Section 56(2)(vii) of the Act. The judgment clarified the taxation treatment of bonus shares, emphasizing that the issuance of bonus shares does not involve the transfer of property and does not attract the provisions of Section 56(2)(vii) in this case. Case-Laws Income Tax Tue, 15 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402279