Bonus of Equity Shareholders not Covered under S.2(22)(b) of Income Tax Act, not Taxable as “Other Income” u/s 56(2): ITAT [Read Order]
The Tribunal observed that since bonus shares to equity shareholders do not fall under section 2(22)(b), they cannot be taxed under section 56(2) either
Concerning the latest case, the Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal made by the assessee as the tribunal agreed to the findings made by the Commissioner of Income Tax (Appeals). The Tribunal held that bonuses of equity shareholders are not covered under section 2(22)(b) of the Income…
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