https://www.taxtmi.com/caselaws?id=276650 Tax incidence turned on the true character of two property arrangements. Receipts from shops built on another's land were treated as proceeds of a self-liquidating or usufructuary mortgage, because the documents showed capital advanced, possession for a fixed term, and recovery through use of the shops; they were not taxable as lease rent. By contrast, a house transferred to the assessee's wife in discharge of dower debt remained assessable in the assessee's hands, because the surrounding facts showed no effective divestiture of ownership and possession. The legal effect of the transaction, not its label, controlled the income-tax treatment. en-us Thu, 17 May 1962 00:00:00 +0530 Thu, 15 Nov 2018 11:57:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276650 Tax incidence turned on the true character of two property arrangements. Receipts from shops built on another's land were treated as proceeds of a self-liquidating or usufructuary mortgage, because the documents showed capital advanced, possession for a fixed term, and recovery through use of the shops; they were not taxable as lease rent. By contrast, a house transferred to the assessee's wife in discharge of dower debt remained assessable in the assessee's hands, because the surrounding facts showed no effective divestiture of ownership and possession. The legal effect of the transaction, not its label, controlled the income-tax treatment. Case-Laws Income Tax Thu, 17 May 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276650