1979 (10) TMI 20 - HC - Income Tax

Summary

The High Court of Madras ruled that the dividend income from bonus shares gifted to a minor daughter cannot be included in the total income of the assessee under section 64(iv) of the Income-tax Act, 1961. The court held that there was no transfer of assets to the minor daughter, so the provisions of section 64(iv) did not apply. The judgment was in favor of the assessee.