Section 56(2)(vii)(3) of Income Tax Act Not Applicable for Bonus Shares: ITAT quashes Appeal [Read Order]

Income- Tax- Act - Applicable - Bonus-Shares- ITAT - Appeal-TAXSCAN

The New Delhi bench of ITAT quashed the appeal by Deputy Commissioner of Income Tax (DCIT), (the appellant) for levying Income tax from Aruna Chandhok, (the respondent) for the bonus shares she received, as per section 56(2)(vii)(3) of the Income Tax Act, 1961. The appeal was filed against the order by the Commissioner of Income…

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