whether bonus shares given to shareholders attract this section or not?
if not, give reason along with section.
Sec. 56(2)(x) applies only in case of transfer of shares but share issue is not a transfer by company and hence shareholder in such case would also not be considered as transferee for the purpose of this section.
Remember, no capital gain provisions in hands of company at the time of issue of shares. Only COA arises in hands of shareholder and that too is nil in case of bonus shares.
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