https://www.taxtmi.com/caselaws?id=754200 The ITAT Bangalore dismissed the assessee's appeal regarding cost of acquisition of bonus shares acquired before 1.4.2001. The tribunal held that Section 55(2)(aa)(B)(iiia) applies to bonus shares allotted without payment based on original shareholding, requiring cost of acquisition to be treated as nil for capital gains computation from assessment year 1996-97 onwards. The provision's plain language does not restrict application to bonus shares allotted only after 1.4.1995, and applying Section 55(2)(b)(i) would render the specific bonus share provision redundant. en-us Mon, 29 Apr 2024 00:00:00 +0530 Tue, 18 Jun 2024 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754200 The ITAT Bangalore dismissed the assessee's appeal regarding cost of acquisition of bonus shares acquired before 1.4.2001. The tribunal held that Section 55(2)(aa)(B)(iiia) applies to bonus shares allotted without payment based on original shareholding, requiring cost of acquisition to be treated as nil for capital gains computation from assessment year 1996-97 onwards. The provision's plain language does not restrict application to bonus shares allotted only after 1.4.1995, and applying Section 55(2)(b)(i) would render the specific bonus share provision redundant. Case-Laws Income Tax Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754200