https://www.taxtmi.com/caselaws?id=8385 The court held that the income derived by the wife from assets transferred by the assessee was to be included in the assessee's total income under section 64(iii) of the Income-tax Act, 1961. The court found that the transfer lacked adequate consideration as the spiritual benefit obtained from the wife's consent for adoption was not quantifiable in monetary terms. Therefore, the court ruled in favor of the department, emphasizing that natural love and affection or spiritual benefits do not constitute adequate consideration under tax laws. The assessee was directed to pay the costs of the reference to the Commissioner of Income-tax. en-us Mon, 28 Jun 1971 00:00:00 +0530 Fri, 10 Apr 2009 18:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8385 The court held that the income derived by the wife from assets transferred by the assessee was to be included in the assessee's total income under section 64(iii) of the Income-tax Act, 1961. The court found that the transfer lacked adequate consideration as the spiritual benefit obtained from the wife's consent for adoption was not quantifiable in monetary terms. Therefore, the court ruled in favor of the department, emphasizing that natural love and affection or spiritual benefits do not constitute adequate consideration under tax laws. The assessee was directed to pay the costs of the reference to the Commissioner of Income-tax. Case-Laws Income Tax Mon, 28 Jun 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8385