https://www.taxtmi.com/caselaws?id=49521 The term "dividend" under the Income-tax Act, 1922 was treated as inclusive, so its ordinary meaning continued to apply. A company's transfer of valuable rights to apply for and obtain new shares in favour of its shareholders was held to be a monetarily valuable benefit, not confined to cash distributions. Because the substance of the transaction governed its tax character, the distribution of those share rights was treated as dividend and was taxable in the hands of the shareholders. en-us Tue, 22 Nov 1960 00:00:00 +0530 Mon, 01 Sep 2014 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49521 The term "dividend" under the Income-tax Act, 1922 was treated as inclusive, so its ordinary meaning continued to apply. A company's transfer of valuable rights to apply for and obtain new shares in favour of its shareholders was held to be a monetarily valuable benefit, not confined to cash distributions. Because the substance of the transaction governed its tax character, the distribution of those share rights was treated as dividend and was taxable in the hands of the shareholders. Case-Laws Income Tax Tue, 22 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49521