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TMI Blog1979 (10) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... red: " 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the dividend income received by the assessee on the bonus shares cannot be included in the total income of the assessee by invoking the provisions of section 64(iv) of the Incometax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the Bombay High Court in Poppatlal Bikamchand v. CIT [1959] 36 ITR 577, held that the dividend income from the bonus shares issued to the minor daughter could not be included in the total income of the assessee. The revenue went up on appeal to the Tribunal and the appeal came to be heard along with the wealth-tax appeals filed by the same assessee in which also there was a similar point reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication of s. 4(1)(a) of the W.T. Act. Section 64(iv) of the I.T. Act, 1961, is also applicable only when there is a transfer directly or indirectly of assets to a minor child and, in such a case, it applies to tax the income arising from such asset on the transferor. In the case of bonus shares, the assessee never had any interest or right at all and could effect no transfer. The question of i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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