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<h1>Court rules dividend income from bonus shares for minor son not taxable under Income Tax Act</h1> The High Court of Bombay ruled in favor of the assessee, holding that dividend income from bonus shares issued to the assessee's minor son is not taxable ... - The High Court of Bombay held that dividend income from bonus shares issued to the assessee's minor son is not taxable in the hands of the assessee under Section 16(3) of the Income Tax Act. The bonus shares were considered an accretion to the assets transferred and not assets transferred by the assessee. The court ruled in favor of the assessee, stating that the dividend income from the bonus shares did not arise directly or indirectly from the assets transferred by the assessee. The question was answered in the negative, and the Commissioner of Income Tax was directed to pay the costs of the reference.
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