“Section 55(2)(aa)(i)”

ACIT CIRCLE 16(1), DELHI vs. KUL PRAKASH CHANDOK , DELHI

In the result, we do not\nfind any merit in this appeal, the same fails and is hereby\ndismissed

sale of bonus\nshares as and when it happens because cost of acquisition of bonus shares is\nnil as per the provisions of section 55(2)(aa)(i) of the Income Tax Act.\n9.13\nThe AO also erred in concluding that the provisions of section 55(2)(aa)(i)\nare ... recognize the fact that had the legislature intended so,\nthe exclusion would have been provided for non applicability of the provisions\nof section 55(2)(aa)(i) with respect to Issuance of bonus shares to the\ntransactions referred in section 56(2) of the Act. The AO himself accepted

DCIT CIRCLE - 16(1), NEW DELHI vs. ARUNA CHANDHOK, NEW DELHI

In the result, we do not find any merit in this appeal, the same fails and is hereby dismissed

Bench: Shri M. Balaganesh & Shri Anubhav Sharmadcit, Vs. Smt Aruna Chandhok, Circle-16(1), H-30, Sainik Farms, New Delhi Delhi-110062 (Appellant) (Respondent) Pan: Aaepc7861R

shares would not be income at all. It was also submitted that cost of bonus shares would be Rs Nil in terms of section 55(2)(aa)(i) of the Act. 5. The ld. CIT(A) duly distinguished the various case laws relied upon by the ld. AO. We find ... sale of bonus shares as and when it happens because cost of acquisition of bonus shares is nil as per the provisions of section 55(2)(aa)(i) of the Income Tax Act. Smt Aruna Chandhok 9.13 The AO also erred in concluding that the provisions of section 55(2