https://www.taxtmi.com/caselaws?id=29552 Rights or bonus shares received through an HUF's karta do not constitute a perquisite merely because the karta is a director or managing director of the issuing company. Such shares arise from the shareholder's existing holding and are not received gratuitously; the director occupies no different position from any other shareholder in relation to their receipt. Where the shares are held on behalf of the HUF, a receipt not taxable as income in the director's personal assessment cannot be included in the HUF's total income as a perquisite under section 2(24)(iv). en-us Fri, 06 Mar 1981 00:00:00 +0530 Sat, 13 Mar 2010 16:49:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29552 Rights or bonus shares received through an HUF's karta do not constitute a perquisite merely because the karta is a director or managing director of the issuing company. Such shares arise from the shareholder's existing holding and are not received gratuitously; the director occupies no different position from any other shareholder in relation to their receipt. Where the shares are held on behalf of the HUF, a receipt not taxable as income in the director's personal assessment cannot be included in the HUF's total income as a perquisite under section 2(24)(iv). Case-Laws Income Tax Fri, 06 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29552