Bonus shares eligible for benefit u/s 115F of the Act if if original shares acquired in foreign currency – ITAT Mumbai

Sanjay Gala Vs ITO (ITAT Mumbai)- In the present case, the assessee subscribed to shares in convertible foreign exchange and acquired the foreign exchange asset. In so far as this aspect is concerned, there is no dispute from the revenue authorities. The only dispute is with regard to the bonus shares received by the asesssee. The objection of the revenue authorities is that the assessee has received the bonus shares without investing any convertible foreign exchange. We are of the view that the assessee acquired the original shares by investing in convertible foreign exchange and, therefore, ...