TMI Blog2000 (9) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... ee questions have been referred for the opinion of this court under the provisions of section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"): " (1) Whether, it would be necessary that at least 20 per cent. of the voting power is exercisable by the assessee or by the persons referred to in sub-section (3) of section 13 of the Income-tax Act, 1961, in view of the Explana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of hearing, the reference application in the case of the present assessee, the Tribunal had referred to Income-tax Reference Application No. 557 of 1980 decided by this court and perhaps, through oversight, the judgment in the case of Sarabhai Foundation in 1. T. R. No. 557 of 1980 - [1994] 209 ITR 390 was looked into and the questions which had been referred in I. T. R. No. 557 of 1980 had been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the law laid down in the judgments referred to above, the amount of dividend received by the assessee, which is Rs.1,777 will have to be bifurcated into two parts. The dividend, which was received by the assessee on the shares which were donated to the assessee and the shares which were received by the assessee by way of bonus, the provisions of section 13(2)(h) would not apply and, therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vailable to this court, we answer the question as under: The dividend which was received by the assessee on the shares which were donated to the assessee and the shares which were received by way of bonus by the assessee, would be exempted as per the provisions of the Act and the dividend which was received on the shares which were purchased by the assessee would' be subject to the provisions o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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