1994 (9) TMI 3

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....ng assessment years 1965-66, 1966-67, 1967-68, 1968-69 and 1969-70. The High Court answered the questions placed before it in the affirmative, i.e., in favour of the assessee, relying upon its judgment in the assessee's own case for the assessment years 1963-64, 1964-65, 1966-67. The question before the High Court was thus : " Whether, on the facts and in the circumstances of the case, the Trib....

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....omputing the total income of any individual, there shall be included all such income as arises directly or indirectly . . . . (v) to any person or association of persons from assets transferred otherwise than for adequate consideration to the person or association of persons by such individual, to the extent to which the income from such assets is for the immediate or deferred benefit of his or....

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....t such income would be includible in the hands of the settlors provided that the benefit from the income of such assets was either immediately available to or was deferred for the benefit of their spouses or minor children. If the child for whom the benefit was provided was to receive it on attaining majority, the provision contained in clause (v) was not attracted on the plain reading of clause (....

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....ons attains majority. Section 64(1)(v) requires, in the computation of the total income of an assessee, the inclusion of such income as arises to the assessee from assets transferred, otherwise than for adequate consideration, to the extent to which the income from such assets is for the immediate or deferred benefit of, inter alia, his minor children. The specific provision of the law, therefore,....