https://www.taxtmi.com/caselaws?id=29319 Cross-gifts between spouses were treated as indirect transfers of assets when the recipient spouse invested the gifted amount and earned income from it. The interest generated on the wife's deposit was therefore regarded as income arising from assets transferred indirectly by the assessee, bringing it within the clubbing provision in section 64(iii) of the Income-tax Act, 1961. The income was held includible in the assessee's total income, and the Revenue's position was accepted. en-us Tue, 16 Feb 1982 00:00:00 +0530 Fri, 12 Mar 2010 11:45:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29319 Cross-gifts between spouses were treated as indirect transfers of assets when the recipient spouse invested the gifted amount and earned income from it. The interest generated on the wife's deposit was therefore regarded as income arising from assets transferred indirectly by the assessee, bringing it within the clubbing provision in section 64(iii) of the Income-tax Act, 1961. The income was held includible in the assessee's total income, and the Revenue's position was accepted. Case-Laws Income Tax Tue, 16 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29319