https://www.taxtmi.com/caselaws?id=21236 The court held that the transfer of a business by a firm, consisting of two individuals, to their spouses constituted a transfer by the individual partners. The income generated by the spouses from the transferred assets was deemed directly attributable to the assessees. As per section 64(1)(iii) of the Income-tax Act, the income arising from the transferred assets was to be included in the total income of the assessees to prevent tax evasion. The majority opinion favored including the income in the assessees' total income, answering question No. 3 in favor of the Revenue. en-us Thu, 28 Nov 1991 00:00:00 +0530 Sat, 21 Nov 2009 10:18:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21236 The court held that the transfer of a business by a firm, consisting of two individuals, to their spouses constituted a transfer by the individual partners. The income generated by the spouses from the transferred assets was deemed directly attributable to the assessees. As per section 64(1)(iii) of the Income-tax Act, the income arising from the transferred assets was to be included in the total income of the assessees to prevent tax evasion. The majority opinion favored including the income in the assessees' total income, answering question No. 3 in favor of the Revenue. Case-Laws Income Tax Thu, 28 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21236