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TMI Blog1994 (9) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... HARUCHA. and K. S. PARIPOORNAN. JUDGMENT This appeal by certificate arises upon an income-tax reference, the relevant assessment years being 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 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 64(1)(v) of the Income-tax Act, as it then read. Section 64(1)(v), so far as it is relevant for our purpose, reads thus : " In computing 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 ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o their spouses or minor children without subjecting the same to tax in the hands of the settlors, was sought to be avoided by providing that 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 wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be divided in three equal shares and one such share is to be paid to each son. The payment, therefore, is to be made after each of the sons 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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