https://www.taxtmi.com/caselaws?id=7833 A person who settles all agricultural lands on his wife and minor children ceases to "hold" those lands for purposes of agricultural income-tax where holding under the Act requires possession and enjoyment as owner, tenant, mortgagee in possession or maintenance holder. Section 9(2) does not create a fiction that the transferor continues to own or possess the gifted lands; it only deals with income derived from assets transferred to a minor child. On that basis, there was no legal foundation to assess the transferor on the settled lands, and the proposed agricultural income-tax action was invalid. en-us Tue, 15 Oct 1968 00:00:00 +0530 Thu, 19 Mar 2009 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7833 A person who settles all agricultural lands on his wife and minor children ceases to "hold" those lands for purposes of agricultural income-tax where holding under the Act requires possession and enjoyment as owner, tenant, mortgagee in possession or maintenance holder. Section 9(2) does not create a fiction that the transferor continues to own or possess the gifted lands; it only deals with income derived from assets transferred to a minor child. On that basis, there was no legal foundation to assess the transferor on the settled lands, and the proposed agricultural income-tax action was invalid. Case-Laws Income Tax Tue, 15 Oct 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7833