https://www.taxtmi.com/caselaws?id=36211 Agricultural income from property bought in a minor child's name can be taxed in the assessee's hands where the asset was acquired with the assessee's funds and later substituted through sale proceeds into another property for the minor. The controlling test is whether there is a proximate connection between the asset transferred directly or indirectly by the assessee and the income sought to be assessed. Here, the original estate was converted into cash and then into another estate, so the later property was treated as a continuation of the transferred asset rather than an independent source. The income from the substituted estate was therefore assessable as indirect income from the transferred asset. en-us Tue, 16 Sep 1980 00:00:00 +0530 Sat, 20 Mar 2010 10:58:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36211 Agricultural income from property bought in a minor child's name can be taxed in the assessee's hands where the asset was acquired with the assessee's funds and later substituted through sale proceeds into another property for the minor. The controlling test is whether there is a proximate connection between the asset transferred directly or indirectly by the assessee and the income sought to be assessed. Here, the original estate was converted into cash and then into another estate, so the later property was treated as a continuation of the transferred asset rather than an independent source. The income from the substituted estate was therefore assessable as indirect income from the transferred asset. Case-Laws Income Tax Tue, 16 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36211