This question can be answered with the help of  the Karnataka HC judgement in the case of PCIT Vs Dr. Ranjan Pai (ITA. No.501 of 2016), wherein it was held as under:

 1. The issue of bonus shares by capitalization of reserves is merely a reallocation of the companies funds.

 2. There is no inflow of fresh funds or increase in the capital employed, which remains the same.

 3. The total funds available with the company remains the same and issue of bonus shares does not result in any change in respect of capital structure of the company.

 4. Thus bonus shares cannot be taxed as income from other sources

Though the present judgement was in context of Section 56(2)(vii), the underlying principle remains the same even for provisions U/s 56(2)(x)