https://www.taxtmi.com/caselaws?id=276409 Capital gains on shares gifted by an assessee to his wife were treated as income arising directly or indirectly from the transferred assets and were includible in the husband's total income under section 16(3)(a)(iii) of the Indian Income-tax Act, 1922. The court rejected the distinction between income from an asset and gain on its sale for clubbing purposes. For later years, only interest referable to the original value of the transferred assets at the date of gift could be clubbed; interest earned on the balance, representing income already generated after the transfer, was not attributable to the gifted assets and was not includible. en-us Mon, 22 Feb 1965 00:00:00 +0530 Sat, 10 Nov 2018 11:34:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276409 Capital gains on shares gifted by an assessee to his wife were treated as income arising directly or indirectly from the transferred assets and were includible in the husband's total income under section 16(3)(a)(iii) of the Indian Income-tax Act, 1922. The court rejected the distinction between income from an asset and gain on its sale for clubbing purposes. For later years, only interest referable to the original value of the transferred assets at the date of gift could be clubbed; interest earned on the balance, representing income already generated after the transfer, was not attributable to the gifted assets and was not includible. Case-Laws Income Tax Mon, 22 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276409