No Price Paid for Acquiring Bonus Shares: ITAT dismisses Valuation of Bonus Shares u/s 55(2)(aa)B of Income Tax Act [Read Order]

The assessee has admittedly not paid any price for acquiring the bonus shares
ITAT - ITAT Bangalore - ITAT dismisses Valuation of Bonus Shares - Bonus Shares - Tax news - Income Tax Appellate Tribunal - Taxscan

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT )dismissed the valuation of bonus shares under Section 55(2)(aa)B of the Income Tax Act, 1961 as the taxpayer admitted to not paying any price for acquiring them. The bonus shares were allotted to the assessee M/s. Zash Traders without payment’ and on the basis…

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