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TMI Blog2002 (5) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... o not accompany the original "share" when it is sold. Even the Revenue has not suggested that the dividend which had accrued during the period when the gift was in force should also be deemed to have reverted to the assessee on the revocation of the gift. If the dividend belongs to the donee, the bonus shares cannot be treated differently. - No other point has been raised. - In view of the above, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he hands of the respondent on the hypothesis that the gift made by him during the assessment year 1982-83 was void. Thus, the amount was added to the taxable income of the assessee. The assessee filed an appeal. It was accepted by the Commissioner of Income-tax (Appeals). The Revenue filed an appeal before the Tribunal. Vide order dated August 16, 2000, the Tribunal affirmed the order of the Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue. In view of this decision, counsel for the parties are agreed that the gift made by the assessee to Om Parkash Pankaj Munjal Associates cannot be held to be void. However, it is contended that the gift being revocable, the bonus shares also should be deemed to have reverted to the donor on the revocation of the gift. Thus, the income derived by the respondent-assessee after the revocation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provision of the statute which may support such a conclusion. In ordinary practice, a person who sells a share keeps the bonus shares which he has got. The bonus shares do not accompany the original "share" when it is sold. Even the Revenue has not suggested that the dividend which had accrued during the period when the gift was in force should also be deemed to have reverted to the assessee on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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