https://www.taxtmi.com/caselaws?id=70474 For clubbing under section 64(1)(iv) of the Income-tax Act, income must arise from the transferred asset and bear a proximate nexus with the transfer. Where gifted property was sold by the transferee and the sale proceeds were invested in fixed deposits, interest attributable to the original value of the gifted asset could be included in the transferor's hands. Interest referable to the surplus arising on sale, being capital accretion distinct from the transferred asset itself, lacked the required nexus and was not includible. en-us Thu, 27 May 1982 00:00:00 +0530 Sat, 16 Apr 2011 13:22:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70474 For clubbing under section 64(1)(iv) of the Income-tax Act, income must arise from the transferred asset and bear a proximate nexus with the transfer. Where gifted property was sold by the transferee and the sale proceeds were invested in fixed deposits, interest attributable to the original value of the gifted asset could be included in the transferor's hands. Interest referable to the surplus arising on sale, being capital accretion distinct from the transferred asset itself, lacked the required nexus and was not includible. Case-Laws Income Tax Thu, 27 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70474