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2019 (7) TMI 646 - AT - Income TaxRevision u/s 263 - Addition u/s 56(2)(vii)(c) - CIT(A) deleted the addition - HELD THAT:- In the light of Order of ITAT, Mumbai Bench in the case of Sudhir Menon (HUF) vs. ACIT [2014 (3) TMI 534 - ITAT MUMBAI] in which it was held that provisions of Section 56(2)(vii)(c) would not apply to bonus shares. ITAT, Delhi Bench in the case of Meenu Satija, New Delhi vs. Pr. CIT (Central), Gurgaon [2017 (1) TMI 1677 - ITAT DELHI] , on identical facts quashed the proceedings under section 263 . Therefore, ratio of the decision of the Tribunal in the case of Meenu Satija, New Delhi vs. Pr. CIT (Central), Gurgaon (supra), squarely apply to the facts and circumstances of the case. Whether this order have been passed under section 263 or merit would not make any difference. The principle of law have been clearly decided in favour of the assessee on the identical facts. The Tribunal has also relied upon the decision of Mumbai Bench in the case of Sudhir Menon (HUF) vs. ACIT [2014 (3) TMI 534 - ITAT MUMBAI] which is relied upon by the Ld. CIT(A) as well. No infirmity have been pointed out in the Order of Ld. CIT(A). The issue is, therefore, covered by the Order of ITAT, Delhi Bench in the case of Meenu Satija, New Delhi vs. Pr. CIT (Central), Gurgaon (supra). The Departmental Appeal has no merit and the same is accordingly dismissed.
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