Section 56(2)(vii) of Income Tax Act, 1961— In the instant case, the assessee has received bonus shares without paying any consideration, and fair market of which, has been held by the Assessing Officer as income in the hands of the assessee. We find that the Ld. CIT(A) has deleted the addition following the precedent in the case of Sudhir Menon (HUF) (supra). In the case of the assessee, bonus shares were also received in financial year corresponding to assessment year 2010- 11 from the same company and the AO made addition u/s 56(2)(vii) of the Act.

Held that— In view of the identical issue of receipt of bonus share without consideration is involved in the year under consideration, respectfully, following the finding of the Tribunal in the case of Sudhir Menon (HUF) (supra) and Tribunal (supra) in the case of the assessee itself, we uphold the finding of the Ld. CIT(A) on the issue in dispute. The ground of appeal of the Revenue is accordingly dismissed. [DCIT, CENTRAL CIRCLE-1, FARIDABAD VERSUS SMT. MAMTA BHANDARI][2019] 19 ITCD Online (7) [ITAT DELHI]