1994 (1) TMI 43 - HC - Income Tax

Summary

The High Court of Madras ruled in a case where an assessee transferred his hotel business to his wife through a settlement deed. The court upheld the decision of the Appellate Tribunal that there was adequate consideration for the transfer, thus rejecting the Revenue's claim under section 64(iii) of the Act. The court awarded costs of Rs. 500 against the Revenue.