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1971 (7) TMI 24 - DELHI HIGH COURTAssessee who was holding shares in company renunciated the fresh issue in favor of minor child - Whether renunciation of the 'right' to apply for shares amounted to transfer of an asset – held that it amounts to transfer within the meaning of section 16(3) (a) (iv) of Indian Income-tax Act, 1922 and section 64 of Income-tax Act, 1961 - whether 75% of the dividend income could be included in the total income of the assessee – Held, yes
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