1993 (7) TMI 21 - HC - Income Tax

Summary

The High Court of Gujarat addressed three questions referred by the Income-tax Appellate Tribunal. Questions 2 and 3 were answered in favor of the assessee based on a previous decision. However, regarding question 1, the court ruled against the assessee, stating that the bonus shares acquired after January 1, 1954, did not qualify for the option under section 55(2)(b)(i) of the Income-tax Act, 1961.