https://www.taxtmi.com/caselaws?id=20333 The High Court of Gujarat ruled in favor of the Revenue, holding that transfers between family members made on the same day without direct benefit to the transferor constituted indirect transfers to evade tax liabilities under section 64(1)(iii) of the Income-tax Act, 1961. The Court emphasized the interconnected nature of the transfers as a device to avoid tax implications, leading to the inclusion of income from the wife's sale in the assessee's total income. The judgment underscored the legislative intent to prevent tax evasion through complex transfer mechanisms within family relationships, disposing of the reference with no order as to costs. en-us Tue, 06 Jul 1993 00:00:00 +0530 Fri, 13 Nov 2009 13:13:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20333 The High Court of Gujarat ruled in favor of the Revenue, holding that transfers between family members made on the same day without direct benefit to the transferor constituted indirect transfers to evade tax liabilities under section 64(1)(iii) of the Income-tax Act, 1961. The Court emphasized the interconnected nature of the transfers as a device to avoid tax implications, leading to the inclusion of income from the wife's sale in the assessee's total income. The judgment underscored the legislative intent to prevent tax evasion through complex transfer mechanisms within family relationships, disposing of the reference with no order as to costs. Case-Laws Income Tax Tue, 06 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20333