https://www.taxtmi.com/caselaws?id=21941 Effective assignment of fixed deposit receipts to shareholders through transfer documents, delivery of receipts and bank intimation divests a company in liquidation of beneficial entitlement to the deposits and accrued interest. Fixed deposits are treated as assignable actionable claims, and no special form is required where the transfer instrument and surrounding conduct clearly establish assignment. Interest is consequently assessable in the hands of the shareholder-transferees rather than the company. Alternatively, where deposits and interest are earmarked for shareholders, the company acts only as trustee or conduit, and the beneficial owners are taxable on the income. en-us Fri, 11 Jan 1991 00:00:00 +0530 Fri, 04 Dec 2009 13:17:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21941 Effective assignment of fixed deposit receipts to shareholders through transfer documents, delivery of receipts and bank intimation divests a company in liquidation of beneficial entitlement to the deposits and accrued interest. Fixed deposits are treated as assignable actionable claims, and no special form is required where the transfer instrument and surrounding conduct clearly establish assignment. Interest is consequently assessable in the hands of the shareholder-transferees rather than the company. Alternatively, where deposits and interest are earmarked for shareholders, the company acts only as trustee or conduit, and the beneficial owners are taxable on the income. Case-Laws Income Tax Fri, 11 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21941