https://www.taxtmi.com/caselaws?id=284694 Income credited in a minor son's name was treated as assessable in the assessee's hands because the surrounding transactions showed a pre-conceived cross-gift scheme. The court looked beyond the apparent form of separate gifts and held that, where reciprocal gifts are used as a device and the evidence shows a single integrated arrangement to route assets to a minor child, the substance of the transaction amounts to an indirect transfer within section 16(3)(a)(iv) of the Indian Income-tax Act. The provision was applied to prevent tax avoidance through indirect transfers made otherwise than for adequate consideration. en-us Tue, 16 Oct 1962 00:00:00 +0530 Wed, 04 Dec 2019 15:22:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284694 Income credited in a minor son's name was treated as assessable in the assessee's hands because the surrounding transactions showed a pre-conceived cross-gift scheme. The court looked beyond the apparent form of separate gifts and held that, where reciprocal gifts are used as a device and the evidence shows a single integrated arrangement to route assets to a minor child, the substance of the transaction amounts to an indirect transfer within section 16(3)(a)(iv) of the Indian Income-tax Act. The provision was applied to prevent tax avoidance through indirect transfers made otherwise than for adequate consideration. Case-Laws Income Tax Tue, 16 Oct 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284694