Addition for Bonus shares – Section 56(2)(vii)- ITAT explains Law

DCIT Vs Veena Goyal (ITAT Jaipur) As per the provisions of the section 56(2)(vii)(c)(i), any property other than immovable property is transferred for a consideration which is less than the aggregate fair market value of the property by an amount exceeding Rs. 50000/-, the aggregate fair market value of such property as exceeds such consideration will be treated as income of the assessee. Following the above provisions of the Act, the learned ACIT has made an addition of Rs. 1,16,14.400/- treating the difference exceeding the consideration paid for shares as income of the assessee. This issue ...