businessbira, thanks for your post. what was the time scale when you noticed ranking changes?
I'm not sure about that, sorry. Probably between 3 to 4 weeks.
I got so annoyed because of the unexpected delay, I remember, and I just stopped caring about it (I tried it on a site that wasn't really important to me).
Then after some time, I rechecked and I was on the first page for the kw the redirecting URL (not the URL itself) had got backlinked.
About 301 redirects passing what and what not:
Frankly, I have no idea. I got to know 301 redirects by reading some courses about IM to promote offline business where it was explained to offer SEO services to offline business, building backlinks to a 301redirect with the anchor text your client wanted to rank for and then let the client pay you a monthly fee to keep the redirect redirecting to their URL. This way if he stops paying, you just search a competitor and you change the 301 redirect to the new client's site.
I tried it by myself and as we speak, I'm ranking #1 for a kw (not so great, I admit it but i'm sure a lot of people here will be happy to rank for) with a URL that's not even optimized for that specific kw and has no backlinks pointing to it with that kw/anchor text. The only reason it's now ranking where it is, it's the 301 redirect to which I built backlinks anchoring that specific kw (I can give the OP the kw/URL of the site i'm talking about, if he likes to give a look to its backlinks profile and see if there are any other explanations for the site to rank for that kw).
What I read on those IM courses proved to be true, I expected it to be so I was ok with that, no wonder.
Matt Cutts can say whatever he wants, I do my tests and can speak only based on my experience. And this is my experience.
I suggest you to do the same.
Personally though, I'm done with 301 redirects. If I can, I avoid them. They seem to take more time to kick in and they act weird.