https://www.taxtmi.com/caselaws?id=8966 The court ruled in favor of the petitioner, holding that the Explanation to section 64 of the Income-tax Act, 1961, did not apply to the case. The court determined that income arising from assets transfer without adequate consideration should be added to the transferor, not the transferee, even if the latter's income is greater. The court quashed the order adding income from sources other than the partnership firm to the petitioner's income, allowing the Income-tax Officer to rectify the assessment order accordingly. The petitioner was awarded costs in the case. en-us Wed, 12 Apr 1972 00:00:00 +0530 Wed, 17 Jun 2009 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8966 The court ruled in favor of the petitioner, holding that the Explanation to section 64 of the Income-tax Act, 1961, did not apply to the case. The court determined that income arising from assets transfer without adequate consideration should be added to the transferor, not the transferee, even if the latter's income is greater. The court quashed the order adding income from sources other than the partnership firm to the petitioner's income, allowing the Income-tax Officer to rectify the assessment order accordingly. The petitioner was awarded costs in the case. Case-Laws Income Tax Wed, 12 Apr 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8966