Bonus Shares Exempt from Income Tax Act Section 56(2)(vii)(c); No Property Transfer or Tax Triggered for Shareholders.

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....Addition u/s 56(2)(vii)(c) - bonus shares received - when there is an issue of bonus shares, the money remains with the company and nothing comes to the shareholders as there is no transfer of the property and the provisions of Section u/s 56(2)(vii)(c) of the Act are not attracted to the fact situation of the case. - AT....