https://www.taxtmi.com/caselaws?id=6965 Section 16(3)(a)(iii) was designed to prevent tax avoidance through transfers of assets to a wife or minor child without adequate consideration. A lease in perpetuity was treated as a transfer within the ordinary meaning of property transfer, so income arising from the quarries fell within the provision if the transfer was not supported by real consideration. The registered deed showed only annual royalty, and the finding that the royalty was inadequate, together with the failure to prove any binding prenuptial arrangement or enforceable marriage settlement, supported inclusion of the quarry income in the transferor's total income. en-us Fri, 18 Nov 1966 00:00:00 +0530 Sat, 07 Feb 2009 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6965 Section 16(3)(a)(iii) was designed to prevent tax avoidance through transfers of assets to a wife or minor child without adequate consideration. A lease in perpetuity was treated as a transfer within the ordinary meaning of property transfer, so income arising from the quarries fell within the provision if the transfer was not supported by real consideration. The registered deed showed only annual royalty, and the finding that the royalty was inadequate, together with the failure to prove any binding prenuptial arrangement or enforceable marriage settlement, supported inclusion of the quarry income in the transferor's total income. Case-Laws Income Tax Fri, 18 Nov 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6965