https://www.taxtmi.com/caselaws?id=66209 The Tribunal held that the interest income derived by minors from the firms where they were admitted to the benefits of partnership should not be included in the hands of their parent under section 64(1)(iii) of the Income-tax Act. The Tribunal found that the minors were not obliged to contribute capital under the partnership deeds, and the interest amounts were not considered as accumulated profits but were brought in as cash or cloth stock at the time of admission to the partnership. Therefore, the appeals were allowed, and the interest amounts were directed to be excluded from the parent's taxable income. en-us Wed, 28 Dec 1983 00:00:00 +0530 Tue, 22 Feb 2011 15:11:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66209 The Tribunal held that the interest income derived by minors from the firms where they were admitted to the benefits of partnership should not be included in the hands of their parent under section 64(1)(iii) of the Income-tax Act. The Tribunal found that the minors were not obliged to contribute capital under the partnership deeds, and the interest amounts were not considered as accumulated profits but were brought in as cash or cloth stock at the time of admission to the partnership. Therefore, the appeals were allowed, and the interest amounts were directed to be excluded from the parent's taxable income. Case-Laws Income Tax Wed, 28 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66209