Clubbing of income: transfers to a son's wife without adequate consideration result in inclusion of income in transferor's return. Any income arising from assets transferred, directly or indirectly, by an individual to his son's wife without adequate consideration must be included in the transferor's income; the relationship must exist both at the time of transfer and when the income accrues, and cross transfers are also covered.
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Provisions expressly mentioned in the judgment/order text.
Clubbing of income: transfers to a son's wife without adequate consideration result in inclusion of income in transferor's return.
Any income arising from assets transferred, directly or indirectly, by an individual to his son's wife without adequate consideration must be included in the transferor's income; the relationship must exist both at the time of transfer and when the income accrues, and cross transfers are also covered.
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