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1981 (3) TMI 41 - DELHI HIGH COURTExtract: .......ppens to hold the shares in his own right, it would follow that the same rights or bonus shares cannot be taxed in the hands of the HUF, which the managing director or director may represent for the purposes of holding the shares. We would accordingly answer the question referred to us in the negative, but leave the parties to bear their own costs.
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