https://www.taxtmi.com/caselaws?id=6271 Dividend received in kind constitutes income and is assessable at the market value of the property or shares on the date the recipient becomes entitled to it. The distributing company's valuation does not govern assessment of the recipient, and an erroneous valuation adopted in another taxpayer's assessment creates no entitlement to equivalent treatment. Retention of the distributed shares does not alter their character as income. Shares distributed as dividend were therefore assessable at market value rather than face value. An appeal based on a High Court certificate unsupported by reasons is not maintainable because the certificate is invalid. en-us Tue, 07 Sep 1971 00:00:00 +0530 Fri, 25 Sep 2015 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6271 Dividend received in kind constitutes income and is assessable at the market value of the property or shares on the date the recipient becomes entitled to it. The distributing company's valuation does not govern assessment of the recipient, and an erroneous valuation adopted in another taxpayer's assessment creates no entitlement to equivalent treatment. Retention of the distributed shares does not alter their character as income. Shares distributed as dividend were therefore assessable at market value rather than face value. An appeal based on a High Court certificate unsupported by reasons is not maintainable because the certificate is invalid. Case-Laws Income Tax Tue, 07 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6271