Income attribution of a minor's partnership share upheld despite assessment of the partner's share to a family entity. The Tribunal held that where an individual partner admits a minor to the benefits of a partnership, the minor's share of profits is subject to the income-attribution provision, and the fact that the individual's share is assessed as income of a Hindu undivided family does not exclude application of the attribution rule because the individual's status as a partner remains operative.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income attribution of a minor's partnership share upheld despite assessment of the partner's share to a family entity.
The Tribunal held that where an individual partner admits a minor to the benefits of a partnership, the minor's share of profits is subject to the income-attribution provision, and the fact that the individual's share is assessed as income of a Hindu undivided family does not exclude application of the attribution rule because the individual's status as a partner remains operative.
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