https://www.taxtmi.com/caselaws?id=49542 An assignment of future dividends to the assessee's wife did not transfer the source of income because the shares remained the assessee's property and the instrument operated only as a covenant to pay over dividends when declared. The dividend first accrued to the assessee as registered shareholder and was then paid to the wife under the arrangement, so the payment was an application of income after accrual rather than a diversion of income before accrual. The special deeming provisions did not alter that position, and the dividend remained assessable in the assessee's hands. en-us Thu, 08 Dec 1960 00:00:00 +0530 Sun, 31 Aug 2014 19:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49542 An assignment of future dividends to the assessee's wife did not transfer the source of income because the shares remained the assessee's property and the instrument operated only as a covenant to pay over dividends when declared. The dividend first accrued to the assessee as registered shareholder and was then paid to the wife under the arrangement, so the payment was an application of income after accrual rather than a diversion of income before accrual. The special deeming provisions did not alter that position, and the dividend remained assessable in the assessee's hands. Case-Laws Income Tax Thu, 08 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49542