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TMI Blog1967 (3) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... ese tax cases involve interpretation of section 9(1) of the Madras Agricultural Income-tax Act, 1955. The petitioner, 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 wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en, it was of lands belonging to the assessee and would, therefore, fall within the ambit of section 9(1). In fact, 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 remainin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion, as we are inclined to think, is that, where there is a transfer of property by way of gift or otherwise, which, 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 agricul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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