https://www.taxtmi.com/caselaws?id=276871 Dividend income from shares settled in trust for the assessee's wife was held includible in the assessee's total income under section 16(3)(b) of the Income-tax Act. The trust deed divested the settlor of ownership, so the shares could not be treated as remaining his property under section 16(1)(c), and no revocable settlement or direct or indirect benefit to the settlor was shown. A declaration of trust by a settlor acting as trustee was treated as a transfer of assets because the settlor assumes a different legal character in that capacity. Natural love and affection was not accepted as adequate consideration for section 16(3)(b). en-us Fri, 20 Sep 1957 00:00:00 +0530 Mon, 19 Nov 2018 17:45:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276871 Dividend income from shares settled in trust for the assessee's wife was held includible in the assessee's total income under section 16(3)(b) of the Income-tax Act. The trust deed divested the settlor of ownership, so the shares could not be treated as remaining his property under section 16(1)(c), and no revocable settlement or direct or indirect benefit to the settlor was shown. A declaration of trust by a settlor acting as trustee was treated as a transfer of assets because the settlor assumes a different legal character in that capacity. Natural love and affection was not accepted as adequate consideration for section 16(3)(b). Case-Laws Income Tax Fri, 20 Sep 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276871