https://www.taxtmi.com/caselaws?id=63129 The appeals by the assesses (partners) were successful as the addition of interest amounts to the firm's total income under section 64 of the Income Tax Act was deemed unjustified. The court emphasized that section 64 does not apply to gifts between major family members, clarifying that it pertains to individuals, not firms. The judgment highlighted that the application of section 64 was not warranted in this case due to the nature of the gifts and the relationship between the donors and recipients, leading to the allowance of the appeals. en-us Tue, 16 Apr 1985 00:00:00 +0530 Thu, 27 Jan 2011 19:03:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63129 The appeals by the assesses (partners) were successful as the addition of interest amounts to the firm's total income under section 64 of the Income Tax Act was deemed unjustified. The court emphasized that section 64 does not apply to gifts between major family members, clarifying that it pertains to individuals, not firms. The judgment highlighted that the application of section 64 was not warranted in this case due to the nature of the gifts and the relationship between the donors and recipients, leading to the allowance of the appeals. Case-Laws Income Tax Tue, 16 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63129