https://www.taxtmi.com/caselaws?id=6380 Dividend income from shares held benami in the names of the assessee's wife and sons was taxable in the assessee's hands where the record showed that the shares had been acquired out of his funds and belonged beneficially to him. The fact that the relatives were the registered holders did not alter real ownership or shift the tax incidence away from the beneficial owner. Once benami ownership was established, ownership was treated as continuing in the assessee unless a later divestment was shown, and no such divestment was proved. The principle applied is that dividend accrues to the real owner, not merely the registered shareholder, when beneficial title rests with the assessee. en-us Wed, 29 Nov 1972 00:00:00 +0530 Thu, 04 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6380 Dividend income from shares held benami in the names of the assessee's wife and sons was taxable in the assessee's hands where the record showed that the shares had been acquired out of his funds and belonged beneficially to him. The fact that the relatives were the registered holders did not alter real ownership or shift the tax incidence away from the beneficial owner. Once benami ownership was established, ownership was treated as continuing in the assessee unless a later divestment was shown, and no such divestment was proved. The principle applied is that dividend accrues to the real owner, not merely the registered shareholder, when beneficial title rests with the assessee. Case-Laws Income Tax Wed, 29 Nov 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6380