https://www.taxtmi.com/caselaws?id=152157 Section 16(3)(a)(iii) is applied to attribute to husbands income received by their wives where that income arises directly or indirectly from assets transferred by the husbands without adequate consideration; the statutory scope reaches indirect or circuitous transfers effected by substituting another person's assets to defeat taxation. Where interconnected transfers form parts of a single transaction, and timing, matching of amounts and unexplained connection show a palpable device to evade the provision, intervening transfers need not be technical consideration. On the facts, payments matching purchase shares and coinciding with acquisition establish that the assets yielding the wives' income originated from the husbands, and the income is includible in the husbands' hands. en-us Tue, 26 Mar 1963 00:00:00 +0530 Tue, 06 Aug 2013 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152157 Section 16(3)(a)(iii) is applied to attribute to husbands income received by their wives where that income arises directly or indirectly from assets transferred by the husbands without adequate consideration; the statutory scope reaches indirect or circuitous transfers effected by substituting another person's assets to defeat taxation. Where interconnected transfers form parts of a single transaction, and timing, matching of amounts and unexplained connection show a palpable device to evade the provision, intervening transfers need not be technical consideration. On the facts, payments matching purchase shares and coinciding with acquisition establish that the assets yielding the wives' income originated from the husbands, and the income is includible in the husbands' hands. Case-Laws Income Tax Tue, 26 Mar 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152157