Supreme Court of India
Commissioner of Income Tax, Calcutta v. Prahaladrai Agarwala
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that the High Court is right in answering. the question referred to it in the negative, in favour of the assessee and against the Revenue.
Judgment, page 7
From the headnote
Income Tax Act, 1961: Section 64(J)(iii)-Wife partner in firm " alongwith husband-Capital contributed by wife out of amount gifted by the husband-Share of profit of assessee's wife-Whether includible in total income of the husband-There must be proximate connection between the accrual of income and as~ets transferred. The respondent-assessee was one of the partners in a lirm in which the live other partners were his wife, mother, grand-father, brother, and a stranger. His wife had contributed Rs.Sl,000 as capital c in the lirm, which amount came out of two gifts made to her by the assessee.
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