1967 (3) TMI 42

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.... who is the father of two minor sons, was charged to tax on a total agricultural income for the years 1958 to 1962, from lands of the total extent of 81 acres 87 cents., wet and dry. Of this, 22 acres and 15 cents belong to him and there is no dispute about it. 13 acres 10 cents were settled by him on his wife and children on May 23, 1955. An extent of 33 acres 30 cents was purchased by four sale ....

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....learned counsel for the assessee did not, and quite properly, demur to this. But his contention is that, so far as the purchases were concerned, inasmuch as the consideration therefor was provided by the assessee, it could not be said that the lands purchased were the assets remaining as the property of the settlor or disponer within the meaning of section 9(1). The argument is also put in a sligh....

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...., notwithstanding the transfer, can be regarded as remaining the property of the settlor or disponer or transferor, it will be counted for purposes of the sub-section as the property of the transferor and the income therefrom will be charged to tax at his hands. No doubt, the agricultural income should arise from the land transferred. But when the lands are purchased by the assessee, but in the na....