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Bonus Shares cannot be taxed under section 56(2)(vii)(c )
Case Law Details
- Case Name
- DCIT Vs Aruna Chandhok (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs Aruna Chandhok (ITAT Delhi)
Introduction
In a groundbreaking case between DCIT (Deputy Commissioner of Income Tax) and Aruna Chandhok, the ITAT (Income Tax Appellate Tribunal) in Delhi ruled that no income tax is payable on bonus shares under the head ‘Income from Other Sources.’ The judgment, delivered on September 5, 2023, provides a detailed exposition of the legal reasoning behind such an important decision.
The Background
Aruna Chandhok, the assessee, received bonus shares and bonus units from M/s Tech Mahindra Ltd and JM Arbitrage Advantage Fund-Bonus...
