Clubbing of income: transfers without adequate consideration for spouse or son's wife are taxed in the transferor's hands. Transfers of assets otherwise than for adequate consideration that yield an immediate or deferred benefit to the transferor's spouse result in income from those assets being clubbed with the transferor. Equivalently, where such transfers benefit the transferor's son's wife, income arising from the transferred assets is clubbed with the transferor's income, including transfers made through any person or association of persons.