https://www.taxtmi.com/caselaws?id=8141 Income arising to a spouse from assets transferred without adequate consideration is includible in the transferor's total income under the clubbing provisions, and capital gains are not excluded from "income" for that purpose. For reassessment under section 147(a), however, the decisive question is whether the assessee failed to disclose fully and truly all primary material facts necessary for assessment. Once the transfer of assets to the spouse was disclosed, the inference about any later capital gains was for the assessing authority to draw. Mere omission to state that the spouse subsequently realised capital gains did not amount to nondisclosure of material facts, so the reassessment notice was invalid. en-us Fri, 13 Mar 1970 00:00:00 +0530 Tue, 31 Mar 2009 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8141 Income arising to a spouse from assets transferred without adequate consideration is includible in the transferor's total income under the clubbing provisions, and capital gains are not excluded from "income" for that purpose. For reassessment under section 147(a), however, the decisive question is whether the assessee failed to disclose fully and truly all primary material facts necessary for assessment. Once the transfer of assets to the spouse was disclosed, the inference about any later capital gains was for the assessing authority to draw. Mere omission to state that the spouse subsequently realised capital gains did not amount to nondisclosure of material facts, so the reassessment notice was invalid. Case-Laws Income Tax Fri, 13 Mar 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8141