https://www.taxtmi.com/caselaws?id=57577 The Appellate Tribunal ITAT Bangalore ruled in favor of the assessee, holding that the gifts exchanged within the family did not constitute an indirect transfer of funds to the spouse under section 64 of the Income-tax Act, 1961. The Tribunal also determined that the income derived by the spouse from investments was not taxable under section 64, based on legal precedents and the economic independence of women in India. The Tribunal upheld the AAC's decision to delete the addition made by the revenue, dismissing the appeal. en-us Mon, 23 Sep 1985 00:00:00 +0530 Fri, 10 Dec 2010 18:34:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57577 The Appellate Tribunal ITAT Bangalore ruled in favor of the assessee, holding that the gifts exchanged within the family did not constitute an indirect transfer of funds to the spouse under section 64 of the Income-tax Act, 1961. The Tribunal also determined that the income derived by the spouse from investments was not taxable under section 64, based on legal precedents and the economic independence of women in India. The Tribunal upheld the AAC's decision to delete the addition made by the revenue, dismissing the appeal. Case-Laws Income Tax Mon, 23 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57577