https://www.taxtmi.com/caselaws?id=28780 The court ruled that dividend income on bonus shares held by the assessee's wife was not taxable under section 64(iii) of the Income-tax Act, 1961 for assessment years 1968-69 and 1969-70. The court emphasized that the legislation did not intend to tax income arising from accretions to assets transferred to family members. The court referred to previous decisions and held in favor of the assessee, directing the Commissioner to pay the costs of the reference to the assessee. en-us Sat, 06 Mar 1982 00:00:00 +0530 Thu, 25 Feb 2010 15:53:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28780 The court ruled that dividend income on bonus shares held by the assessee's wife was not taxable under section 64(iii) of the Income-tax Act, 1961 for assessment years 1968-69 and 1969-70. The court emphasized that the legislation did not intend to tax income arising from accretions to assets transferred to family members. The court referred to previous decisions and held in favor of the assessee, directing the Commissioner to pay the costs of the reference to the assessee. Case-Laws Income Tax Sat, 06 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28780