https://www.taxtmi.com/caselaws?id=178672 A bonus scheme under which annual bonus amounts were applied to buy company shares, held in the names of trustees for an employee, and later transferred on termination of employment was treated as creating beneficial ownership in the employee before the final transfer. Because the company had already divested itself of legal and beneficial interest when the shares were placed with the trustees, the later delivery of the shares did not amount to salary or an additional perquisite paid by or on behalf of the employer under Section 7(1) of the Income-tax Act. The decisive point was that the employee's beneficial interest had already arisen before the legal estate was transferred. en-us Wed, 04 Jan 1933 00:00:00 +0530 Wed, 10 Feb 2016 16:00:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178672 A bonus scheme under which annual bonus amounts were applied to buy company shares, held in the names of trustees for an employee, and later transferred on termination of employment was treated as creating beneficial ownership in the employee before the final transfer. Because the company had already divested itself of legal and beneficial interest when the shares were placed with the trustees, the later delivery of the shares did not amount to salary or an additional perquisite paid by or on behalf of the employer under Section 7(1) of the Income-tax Act. The decisive point was that the employee's beneficial interest had already arisen before the legal estate was transferred. Case-Laws Income Tax Wed, 04 Jan 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178672