https://www.taxtmi.com/caselaws?id=277026 A unilateral deed assigning dividend income was not void for want of registration, because it operated as a gift or assignment of the right to receive income and did not attract section 25 of the Contract Act. The third proviso to section 16(1)(c) of the Indian Income-tax Act was not repugnant to the main clause; it merely carved out an exception for irrevocable settlements while leaving the deeming rule intact. Dividend income paid to the wife under the deed was only an application of the assessee's income, since the dividends first accrued to him and were then passed on under covenant; the income remained taxable in his hands. en-us Thu, 18 Sep 1958 00:00:00 +0530 Thu, 22 Nov 2018 13:10:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277026 A unilateral deed assigning dividend income was not void for want of registration, because it operated as a gift or assignment of the right to receive income and did not attract section 25 of the Contract Act. The third proviso to section 16(1)(c) of the Indian Income-tax Act was not repugnant to the main clause; it merely carved out an exception for irrevocable settlements while leaving the deeming rule intact. Dividend income paid to the wife under the deed was only an application of the assessee's income, since the dividends first accrued to him and were then passed on under covenant; the income remained taxable in his hands. Case-Laws Income Tax Thu, 18 Sep 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277026