https://www.taxtmi.com/caselaws?id=9233 Where gifted shares were transferred without an express recital defining the donee's interest, their character had to be determined from the donor's intention and surrounding circumstances. The grandfather's per stirpes distribution, the father's affidavit, and the assessee's own treatment of the shares showed that the gifts were meant for the Hindu undivided family, not for the assessee personally. The right shares issued against those holdings, financed from dividends on the original shares, were treated as accretions to the same family property. The accumulated dividend deposits and the interest earned on them likewise retained that character. The dividend and related income were therefore not taxable in the assessee's individual hands. en-us Mon, 30 Jul 1973 00:00:00 +0530 Sat, 20 Jun 2009 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9233 Where gifted shares were transferred without an express recital defining the donee's interest, their character had to be determined from the donor's intention and surrounding circumstances. The grandfather's per stirpes distribution, the father's affidavit, and the assessee's own treatment of the shares showed that the gifts were meant for the Hindu undivided family, not for the assessee personally. The right shares issued against those holdings, financed from dividends on the original shares, were treated as accretions to the same family property. The accumulated dividend deposits and the interest earned on them likewise retained that character. The dividend and related income were therefore not taxable in the assessee's individual hands. Case-Laws Income Tax Mon, 30 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9233