https://www.taxtmi.com/caselaws?id=66311 The case involved the validity of a partial partition claimed by an assessee firm, impacting its income assessment. The dispute arose when the Income Tax Officer disallowed a deduction and treated amounts credited to minor sons of partners as part of their capital. The Tribunal held the partial partition valid, distinguishing interest amounts credited to minors as payments to creditors, not partners. Section 40(b) disallowance did not apply, and the Tribunal allowed the appeal, aligning with precedents and setting aside lower authorities' decisions. en-us Mon, 07 Nov 1983 00:00:00 +0530 Wed, 23 Feb 2011 15:17:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66311 The case involved the validity of a partial partition claimed by an assessee firm, impacting its income assessment. The dispute arose when the Income Tax Officer disallowed a deduction and treated amounts credited to minor sons of partners as part of their capital. The Tribunal held the partial partition valid, distinguishing interest amounts credited to minors as payments to creditors, not partners. Section 40(b) disallowance did not apply, and the Tribunal allowed the appeal, aligning with precedents and setting aside lower authorities' decisions. Case-Laws Income Tax Mon, 07 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66311