https://www.taxtmi.com/caselaws?id=17623 Property purchased in the names of an assessee's wife and minor children was treated as a transfer of assets otherwise than for adequate consideration where the assessee provided the consideration and no independent source of funds was proved. The statutory language of section 9(2)(a)(iv) of the Agricultural Income-tax Act, 1950 was applied to include direct or indirect transfers to minor children in the computation of agricultural income. The claimed repayment by instalments was not accepted as sufficient evidence to change the character of the transaction. On the stated facts, the transfer was held to fall within the provision and was includible in the assessment. en-us Wed, 06 Mar 1996 00:00:00 +0530 Wed, 23 Sep 2009 17:21:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17623 Property purchased in the names of an assessee's wife and minor children was treated as a transfer of assets otherwise than for adequate consideration where the assessee provided the consideration and no independent source of funds was proved. The statutory language of section 9(2)(a)(iv) of the Agricultural Income-tax Act, 1950 was applied to include direct or indirect transfers to minor children in the computation of agricultural income. The claimed repayment by instalments was not accepted as sufficient evidence to change the character of the transaction. On the stated facts, the transfer was held to fall within the provision and was includible in the assessment. Case-Laws Income Tax Wed, 06 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17623