https://www.taxtmi.com/caselaws?id=39505 The High Court of Madras interpreted section 64(iv) of the Income-tax Act regarding income inclusion from assets transferred to a minor child. The case involved inadequate consideration in cross-transfers of shares between family members. The court ruled that natural love and affection do not constitute adequate consideration. It confirmed the transfers as cross-gifts and directed only the income portion linked to inadequate consideration be included in the total income. The Tribunal was tasked with determining Rs. 12,650 of income to include under section 64(iv) due to inadequate consideration, with no costs awarded to either party. en-us Wed, 20 Nov 1974 00:00:00 +0530 Fri, 16 Apr 2010 18:02:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39505 The High Court of Madras interpreted section 64(iv) of the Income-tax Act regarding income inclusion from assets transferred to a minor child. The case involved inadequate consideration in cross-transfers of shares between family members. The court ruled that natural love and affection do not constitute adequate consideration. It confirmed the transfers as cross-gifts and directed only the income portion linked to inadequate consideration be included in the total income. The Tribunal was tasked with determining Rs. 12,650 of income to include under section 64(iv) due to inadequate consideration, with no costs awarded to either party. Case-Laws Income Tax Wed, 20 Nov 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39505