https://www.taxtmi.com/caselaws?id=19893 Section 64(iii) of the Income-tax Act could not be applied where the Tribunal found, on the evidence, that the transfer of the business to the assessee's wife was for adequate consideration. The Tribunal treated the consideration for goodwill and furniture as reasonable after considering the business's small profits, the need to allow remuneration to the proprietor, and the age and condition of the furniture. The High Court treated that conclusion as a factual finding, noted that all relevant circumstances had been considered, and declined to interfere. The reference was answered in favour of the assessee and against the Revenue. en-us Wed, 19 Jan 1994 00:00:00 +0530 Tue, 10 Nov 2009 13:57:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19893 Section 64(iii) of the Income-tax Act could not be applied where the Tribunal found, on the evidence, that the transfer of the business to the assessee's wife was for adequate consideration. The Tribunal treated the consideration for goodwill and furniture as reasonable after considering the business's small profits, the need to allow remuneration to the proprietor, and the age and condition of the furniture. The High Court treated that conclusion as a factual finding, noted that all relevant circumstances had been considered, and declined to interfere. The reference was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Wed, 19 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19893