This card can be activated directly in Chain to the activation of a Spell/Trap Card, or at the time a monster is Normal Summoned face-up.[2]
It can be activated during the Damage Step directly in Chain to an activated Spell/Trap Card.[2]
Resolving "Negate the activation of a Spell or Trap Card, or the Normal Summon of a monster" and "remove that card from play" are treated as being done at the same time.[2]
Resolving "The card removed from play by this effect is returned to its owner's hand during the End Phase" does not make a Chain Link.[2]
↑Konami OCG Card Database: While "Imperial Iron Wall" is active, if "Bending Destiny" is activated in response to the Summon of a monster, then is the negated card still banished?