Deeming provisions prescribed u/s 56(2)(vii) couldn’t be applied on issue of bonus shares

INCOME-TAX : When there is an issue of bonus shares, money remains with company and nothing comes to shareholders as there is no transfer of property, and thus, provisions of section 56(2)(vii)(c) are not attracted

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000197522/deeming-provisions-prescribed-us-562vii-couldn’t-be-applied-on-issue-of-bonus-shares.aspx