https://www.taxtmi.com/caselaws?id=39129 A right to receive a defined share of managing agency commission was treated as an actionable claim capable of assignment. After the assessee executed a deed of gift transferring that right to his two daughters in equal shares, and intimation was given to the company, the right to receive the commission stood diverted to the daughters to the assessee's entire exclusion. Applying the distinction between diversion of income at source and mere application of income after accrual, the commission did not first accrue as the assessee's income after the transfer. It was therefore not assessable in his hands for the years in question. en-us Fri, 16 Aug 1974 00:00:00 +0530 Tue, 13 Apr 2010 11:08:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39129 A right to receive a defined share of managing agency commission was treated as an actionable claim capable of assignment. After the assessee executed a deed of gift transferring that right to his two daughters in equal shares, and intimation was given to the company, the right to receive the commission stood diverted to the daughters to the assessee's entire exclusion. Applying the distinction between diversion of income at source and mere application of income after accrual, the commission did not first accrue as the assessee's income after the transfer. It was therefore not assessable in his hands for the years in question. Case-Laws Income Tax Fri, 16 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39129