https://www.taxtmi.com/caselaws?id=21941 Fixed deposit receipts were treated as effectively assigned to shareholders where transfer documents, delivery of the receipts and intimation to the bank showed a clear intention to transfer the deposits, so the interest accrued on them was not assessable in the hands of the company in liquidation. Even if the transfer were not complete, the company had divested the beneficial interest and held the deposits only as trustee or conduit for the shareholders, so the interest belonged to the beneficiaries and was taxable, if at all, in their hands. The article thus states that effective assignment or beneficial earmarking of fixed deposits shifts the tax incidence away from the transferor company. 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 Fixed deposit receipts were treated as effectively assigned to shareholders where transfer documents, delivery of the receipts and intimation to the bank showed a clear intention to transfer the deposits, so the interest accrued on them was not assessable in the hands of the company in liquidation. Even if the transfer were not complete, the company had divested the beneficial interest and held the deposits only as trustee or conduit for the shareholders, so the interest belonged to the beneficiaries and was taxable, if at all, in their hands. The article thus states that effective assignment or beneficial earmarking of fixed deposits shifts the tax incidence away from the transferor company. Case-Laws Income Tax Fri, 11 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21941