https://www.taxtmi.com/caselaws?id=29318 The court ruled in favor of the assessee, determining that the gifts exchanged between two brothers and their wives did not constitute indirect transfers of assets for taxation under section 64(iii) of the Income-tax Act, 1961. The court held that there was no direct or proximate connection between the transfers of assets and the income received by the assessee's wife, thus rejecting the inclusion of the wife's share of profits in the assessee's total income. The judgment emphasized the importance of establishing a clear connection between asset transfers and income for taxation purposes. en-us Tue, 16 Feb 1982 00:00:00 +0530 Fri, 12 Mar 2010 11:42:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29318 The court ruled in favor of the assessee, determining that the gifts exchanged between two brothers and their wives did not constitute indirect transfers of assets for taxation under section 64(iii) of the Income-tax Act, 1961. The court held that there was no direct or proximate connection between the transfers of assets and the income received by the assessee's wife, thus rejecting the inclusion of the wife's share of profits in the assessee's total income. The judgment emphasized the importance of establishing a clear connection between asset transfers and income for taxation purposes. Case-Laws Income Tax Tue, 16 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29318