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1970 (4) TMI 17 - SC - Income TaxBonus shares - distribution of the bonus shares became effective as from Dec. 30, 1954 - shares so allotted became the property of the shareholders as from that date subject to the qualification that they are entitled to get dividends on those shares only as from Jan. 1, 1955 - Under cls. (b) and (c) of the resolution, certain directions were given to the directors in the matter of implementation - Hence, there was no justification in reducing the rebate - Assessee's appeal allowed
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