https://www.taxtmi.com/caselaws?id=21174 Income from vacant lands can be assessed under the head "Income from other sources" where the company actually received and enjoyed the income, even though legal title to the lands remained with individual family members. Section 56 was treated as wide enough to tax income of any kind not excluded from total income, and formal conveyance was not essential where the properties had in substance been transferred for consideration and the company was in possession. Section 60 was held inapplicable because this was not a mere transfer of income without transfer of the asset. Authorities on diversion of income and family arrangements were distinguished on the facts. en-us Tue, 21 Nov 1989 00:00:00 +0530 Fri, 20 Nov 2009 15:29:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21174 Income from vacant lands can be assessed under the head "Income from other sources" where the company actually received and enjoyed the income, even though legal title to the lands remained with individual family members. Section 56 was treated as wide enough to tax income of any kind not excluded from total income, and formal conveyance was not essential where the properties had in substance been transferred for consideration and the company was in possession. Section 60 was held inapplicable because this was not a mere transfer of income without transfer of the asset. Authorities on diversion of income and family arrangements were distinguished on the facts. Case-Laws Income Tax Tue, 21 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21174