https://www.taxtmi.com/caselaws?id=5080 Capital gains realised by a wife on sale of shares gifted by her husband were held to fall within income arising directly or indirectly from transferred assets under section 16(3)(a)(iii) of the Income-tax Act, 1922. The expression "income" was treated as wide enough to include capital gains after the statutory definition expanded, and the provision was not confined to recurring returns from the asset. Because the gain was traced to the transferred shares and the provision was intended to prevent tax avoidance through indirect transfers, the capital gain was includible in the husband's total income, and the assessee failed. en-us Wed, 22 Nov 1967 00:00:00 +0530 Wed, 04 Mar 2015 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5080 Capital gains realised by a wife on sale of shares gifted by her husband were held to fall within income arising directly or indirectly from transferred assets under section 16(3)(a)(iii) of the Income-tax Act, 1922. The expression "income" was treated as wide enough to include capital gains after the statutory definition expanded, and the provision was not confined to recurring returns from the asset. Because the gain was traced to the transferred shares and the provision was intended to prevent tax avoidance through indirect transfers, the capital gain was includible in the husband's total income, and the assessee failed. Case-Laws Income Tax Wed, 22 Nov 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5080