1994 (1) TMI 43

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....e as follows : The assessee is the sole proprietor of a lodge and is running a business there. When he became an under-trial prisoner, he executed a settlement deed on August 30, 1963, transferring the hotel business to his wife. Even though the documents mentioned that it was in consideration of his natural love and affection, admittedly, the amounts due from his wife in the current account maint....

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....stances of the case, and having regard to the deed of settlement executed on August 30, 1963, the Appellate Tribunal was right in holding that the provisions of section 64(iii) could not be invoked in the assessee's case for bringing to tax the income from Model Lodge transferred to the assessee's wife ?" This question challenges only the finding of fact that there was adequate consideration fo....