https://www.taxtmi.com/caselaws?id=463701 Bonus shares are not treated as part of transferred property unless they have come into existence by allotment and the relevant record date; a mere resolution to issue them does not create an existing bonus-share right. On that basis, no bonus-share value is added to a deemed gift where the share transfer occurred before the record date. For quoted shares, valuation must follow the quotation of the recognised stock exchange evidenced by the statutory certificate, and that certificate is conclusive as to quoted status. The nearest quotation from another exchange cannot replace the accepted exchange quotation when the recognised exchange quotation is available. en-us Tue, 23 Mar 2010 00:00:00 +0530 Fri, 12 Sep 2025 17:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463701 Bonus shares are not treated as part of transferred property unless they have come into existence by allotment and the relevant record date; a mere resolution to issue them does not create an existing bonus-share right. On that basis, no bonus-share value is added to a deemed gift where the share transfer occurred before the record date. For quoted shares, valuation must follow the quotation of the recognised stock exchange evidenced by the statutory certificate, and that certificate is conclusive as to quoted status. The nearest quotation from another exchange cannot replace the accepted exchange quotation when the recognised exchange quotation is available. Case-Laws Income Tax Tue, 23 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463701