https://www.taxtmi.com/caselaws?id=25878 The High Court of Kerala ruled that bonus shares received by donees should be considered assets of the transferor under the Wealth-tax Act, 1957. Despite being issued in the names of the transferees, the bonus shares were linked to the original shares, following the same ownership as per the transfer instruments. The court emphasized that assets under an irrevocable transfer become assessable in the transferor's hands when the power to revoke arises. The decision favored the Revenue, highlighting the importance of statutory provisions in determining wealth tax liability over contrary interpretations by other High Courts. en-us Thu, 05 Mar 1987 00:00:00 +0530 Mon, 01 Feb 2010 14:16:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25878 The High Court of Kerala ruled that bonus shares received by donees should be considered assets of the transferor under the Wealth-tax Act, 1957. Despite being issued in the names of the transferees, the bonus shares were linked to the original shares, following the same ownership as per the transfer instruments. The court emphasized that assets under an irrevocable transfer become assessable in the transferor's hands when the power to revoke arises. The decision favored the Revenue, highlighting the importance of statutory provisions in determining wealth tax liability over contrary interpretations by other High Courts. Case-Laws Wealth-tax Thu, 05 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25878