TaxTMI 
TaxTMI 
1989 (9) TMI 15
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....this reference made at the instance of the assessee. They read thus : "(1) Whether, on the facts and in the circumstances of the case, 120 bonus shares issued by the Century Mills Ltd., can be said to be held by the assessee from the date when the original shares in respect of which they are issued were acquired by the assessee or from the date on which the said bonus shares were issued by the co....
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....the decision of the Gujarat High Court in CIT v. Chunilal Khushaldas [1974] 93 ITR 369. This decision squarely covers the point before us and it held that the bonus shares issued by a company are acquired by a shareholder When they are issued and they must be taken to be held by the shareholder from the date of their issue and not from the date when the original shares in respect of which they are....