Applicability of concessional rate of 10% U/s. 115E on Sale of Bonus Share

Sri Shashi Parvatha Reddy Vs. Dy. CIT (ITAT Hyderabad) Coming to the second category of shares i.e. the original and the bonus shares transferred to the assessee by the overseas investors without any cost attached to them, we find that the original shares were initially purchased or acquired by the overseas investors by way of inward remittances of foreign exchange and they were also allotted the bonus shares on the original shares. As held by us in the above paragraphs, the bonus shares acquire the character of the original shares acquired by the overseas investors. Coming to their transfer t...