1959 (6) TMI 28

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....C. Shah, J. (1) The assessee was the holder of 350 shares of the shree Ram Mills Ltd., On 2812-1946, the assessee gifted these shares to his ninor son Virendra. Under S. 16(3)(a)(iv) of the Income-Tax Act, the dividend income fromthese 350 shares was liable to be included in computing the total income of the assessee for the purpose of assessment. Onm 9.8.1947, the directors of the Shree Ram Mill....

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....x Appellate Tribunal confirmed the order of the Income Tax Officer. At he request of the assessee the Tribunal has referred for decision the question whether "the dividend income from the 744 bonus shares held by the assessee's minor son is taxable in the hands of the assessee under S. 16(3) of the Income Tax Act.'' (2) Section 16(3) of the Income Tax Act in so far as it is mater....

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....ssets transferred, but they could not be regarded as ``assets transferred'' by the assessee Mr. Joshi, who appears on behalf of the Department, contends that the dividend income from the bonus shares in the hands of the minor child is income which arose indirectly from assets transferred by the assessee and is liable to be included the purpose of assessment. But, in out judgment, the sourc....