https://www.taxtmi.com/caselaws?id=49486 Whether dividends on shares declared in trust for a wife are taxable was addressed by treating the declaration as a transfer effected by the settlor acting in a different capacity; the change of capacity to trustee constitutes a transfer for the purposes of section 16(3)(b), so the dividends are includible in the settlor's income. The third proviso to clause (c) does not apply because the assets ceased to be the settlor's property when held by him as trustee. Presumed love and affection is not adequate consideration. en-us Tue, 03 Jan 1961 00:00:00 +0530 Tue, 01 Jul 2025 16:58:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49486 Whether dividends on shares declared in trust for a wife are taxable was addressed by treating the declaration as a transfer effected by the settlor acting in a different capacity; the change of capacity to trustee constitutes a transfer for the purposes of section 16(3)(b), so the dividends are includible in the settlor's income. The third proviso to clause (c) does not apply because the assets ceased to be the settlor's property when held by him as trustee. Presumed love and affection is not adequate consideration. Case-Laws Income Tax Tue, 03 Jan 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49486