https://www.taxtmi.com/caselaws?id=421934 The Tribunal upheld the Commissioner's decision, ruling that section 56(2)(vii)(c) of the Income-tax Act, 1961, does not apply to bonus shares. Bonus shares were deemed a capitalization of profits, not income, following precedents like CIT v. Dalmia Investment Co. Ltd. The Revenue Department's appeal was dismissed, and the addition of Rs. 47,21,93,975 to the Assessee's income was deemed unwarranted. The Tribunal stressed interpreting specific provisions over general ones and avoiding double taxation. The order was issued on 29/04/2022. en-us Fri, 29 Apr 2022 00:00:00 +0530 Thu, 05 May 2022 08:33:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421934 The Tribunal upheld the Commissioner's decision, ruling that section 56(2)(vii)(c) of the Income-tax Act, 1961, does not apply to bonus shares. Bonus shares were deemed a capitalization of profits, not income, following precedents like CIT v. Dalmia Investment Co. Ltd. The Revenue Department's appeal was dismissed, and the addition of Rs. 47,21,93,975 to the Assessee's income was deemed unwarranted. The Tribunal stressed interpreting specific provisions over general ones and avoiding double taxation. The order was issued on 29/04/2022. Case-Laws Income Tax Fri, 29 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421934