https://www.taxtmi.com/caselaws?id=24853 The High Court of Kerala held that under section 64(1)(iii) of the Income-tax Act, the entirety of income from assets transferred to a spouse without adequate consideration should be included in the transferor's income. The Court rejected the principle of proportionality based on inadequacy of consideration, emphasizing the disregard of the transfer for income computation purposes. Ruling in favor of the Revenue, the Court directed the inclusion of the entire income derived from such assets in the transferor's income, with each party bearing their respective costs. The judgment was forwarded to the Income-tax Appellate Tribunal, Cochin Bench for further action. en-us Mon, 30 Nov 1987 00:00:00 +0530 Fri, 22 Jan 2010 17:35:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24853 The High Court of Kerala held that under section 64(1)(iii) of the Income-tax Act, the entirety of income from assets transferred to a spouse without adequate consideration should be included in the transferor's income. The Court rejected the principle of proportionality based on inadequacy of consideration, emphasizing the disregard of the transfer for income computation purposes. Ruling in favor of the Revenue, the Court directed the inclusion of the entire income derived from such assets in the transferor's income, with each party bearing their respective costs. The judgment was forwarded to the Income-tax Appellate Tribunal, Cochin Bench for further action. Case-Laws Income Tax Mon, 30 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24853