NAVIN JINDAL Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS order will dispose of five appeals, viz., IT Appeal Nos. 55 to 59 of 2002, involving common question of law and facts. All these appeals are directed against the common order of the Income -tax Appellate Tribunal, Delhi Bench "E", 1992 -93.

(2.) SINCE the arguments were heard in IT Appeal No. 55 of 2002, the facts are being taken from that case.

(3.) MR . M.L. Garg, appearing on behalf of the appellant, contended that the right to receive bonus shares or rights shares arises only when the company decides to issue such shares and the date of acquisition of the original shares has no relevance for determination as to whether the rights shares or the bonus shares are a long -term capital asset or a short - term capital asset. In support of this contention, he placed reliance on the following judgments :