https://www.taxtmi.com/caselaws?id=38793 The court upheld the Tribunal's decision to exclude income from a property designated as joint family property by the assessee for the assessment year 1964-65. For the assessment year 1965-66, the court ruled in favor of the assessee, stating that the unilateral act of impressing the property with joint family character did not constitute a transfer under section 63(b) of the Income-tax Act, as it did not grant the assessee the power to reassume any portion of the property. The court emphasized that a transfer is revocable only if it reserves a power for the benefit of the transferor, which was not present in this case. en-us Wed, 15 Dec 1976 00:00:00 +0530 Fri, 09 Apr 2010 11:02:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38793 The court upheld the Tribunal's decision to exclude income from a property designated as joint family property by the assessee for the assessment year 1964-65. For the assessment year 1965-66, the court ruled in favor of the assessee, stating that the unilateral act of impressing the property with joint family character did not constitute a transfer under section 63(b) of the Income-tax Act, as it did not grant the assessee the power to reassume any portion of the property. The court emphasized that a transfer is revocable only if it reserves a power for the benefit of the transferor, which was not present in this case. Case-Laws Income Tax Wed, 15 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38793