https://www.taxtmi.com/caselaws?id=5278 The Supreme Court upheld the High Court's decision, ruling that the share of profit of the assessee's wife was not includible in the total income of the assessee under section 64(1)(iii) of the Income-tax Act, 1961. The court emphasized the need for a proximate connection between income and assets transferred, concluding that the wife's partnership was not solely due to the gifts but based on her capital contribution and agreement of other partners. The appeal was dismissed in favor of the assessee, affirming that the wife's profits were not directly attributable to the gifts. en-us Wed, 26 Apr 1989 00:00:00 +0530 Sat, 22 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5278 The Supreme Court upheld the High Court's decision, ruling that the share of profit of the assessee's wife was not includible in the total income of the assessee under section 64(1)(iii) of the Income-tax Act, 1961. The court emphasized the need for a proximate connection between income and assets transferred, concluding that the wife's partnership was not solely due to the gifts but based on her capital contribution and agreement of other partners. The appeal was dismissed in favor of the assessee, affirming that the wife's profits were not directly attributable to the gifts. Case-Laws Income Tax Wed, 26 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5278