https://www.taxtmi.com/caselaws?id=36448 Refund of annuity deposit instalments credited to property impressed as HUF property was treated as a unilateral conversion of separate property into common stock, not a prohibited real transfer under the annuity deposit scheme. Section 2(24)(viii) taxes the refund as income only in the hands of the depositor, while section 64(2) deems income from converted property to arise to the individual who made the conversion. On that basis, the receipt could not be assessed in the HUF's hands on the footing adopted by the Tribunal, and the addition was unsustainable. en-us Fri, 04 Jul 1980 00:00:00 +0530 Mon, 22 Mar 2010 13:48:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36448 Refund of annuity deposit instalments credited to property impressed as HUF property was treated as a unilateral conversion of separate property into common stock, not a prohibited real transfer under the annuity deposit scheme. Section 2(24)(viii) taxes the refund as income only in the hands of the depositor, while section 64(2) deems income from converted property to arise to the individual who made the conversion. On that basis, the receipt could not be assessed in the HUF's hands on the footing adopted by the Tribunal, and the addition was unsustainable. Case-Laws Income Tax Fri, 04 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36448