The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that in the issue of bonus shares, the money remains with the company and nothing comes to the shareholders as there is no transfer.
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that income tax is not chargeable on bonus shares under the heading ‘income from other sources’.The bench of Anubhav Sharma.