https://www.taxtmi.com/caselaws?id=20569 Section 64(1)(v) of the Income-tax Act requires inclusion of income arising directly or indirectly from assets transferred otherwise than for adequate consideration for the benefit of a spouse or minor child. Income from converted assets remains covered where there is a proximate connection between the transfer and the income, so later investment of the transferred property does not break the statutory link. The provision is not confined to a notional return on the original amount transferred. On that basis, the entire income attributable to the assessee's transferred share in trust property was includible in total income. en-us Wed, 17 Mar 1993 00:00:00 +0530 Sat, 14 Nov 2009 17:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20569 Section 64(1)(v) of the Income-tax Act requires inclusion of income arising directly or indirectly from assets transferred otherwise than for adequate consideration for the benefit of a spouse or minor child. Income from converted assets remains covered where there is a proximate connection between the transfer and the income, so later investment of the transferred property does not break the statutory link. The provision is not confined to a notional return on the original amount transferred. On that basis, the entire income attributable to the assessee's transferred share in trust property was includible in total income. Case-Laws Income Tax Wed, 17 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20569