https://www.taxtmi.com/caselaws?id=8502 A deeming provision on agricultural income-tax can treat successive settlements as an indirect transfer where the facts show a continuing chain designed to place assets beyond the provision's reach; substance prevails over formal steps, and the resulting asset value is includible in the transferor's holding. A wife's later settlement in favour of after-born children was not treated as an independent transaction when it followed an earlier settlement within the same chain. The separate argument that the property had become ancestral or coparcenary property also failed, because the wife acted in her own right and the deed had been operative for years. en-us Mon, 19 Jul 1971 00:00:00 +0530 Mon, 27 Apr 2009 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8502 A deeming provision on agricultural income-tax can treat successive settlements as an indirect transfer where the facts show a continuing chain designed to place assets beyond the provision's reach; substance prevails over formal steps, and the resulting asset value is includible in the transferor's holding. A wife's later settlement in favour of after-born children was not treated as an independent transaction when it followed an earlier settlement within the same chain. The separate argument that the property had become ancestral or coparcenary property also failed, because the wife acted in her own right and the deed had been operative for years. Case-Laws Income Tax Mon, 19 Jul 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8502