1970 (4) TMI 28 - SCH - Income Tax

Sale proceeds of bonus shares received in respect of the ordinary shares held by the assessee as stock-in-trade of his business was revenue receipt - Revenue s appeal allowed

Summary

The Supreme Court allowed the appeal regarding the taxation of sale proceeds of bonus shares as income under the Indian Income-tax Act, overruling the High Court's decision. No costs were awarded. (Case citation: 1970 (4) TMI 28 - SC)