https://www.taxtmi.com/caselaws?id=67944 Interest credited on a deposit standing in a minor child's name was treated as includible in the assessee's hands under the clubbing provision because the claimed waiver for part of the year was not satisfactorily established and the deposit continued to accrue interest on normal accrual principles. However, the taxable computation was confined to interest on the original gifted principal, excluding interest-on-interest. Where the full interest was brought to tax in the assessee's hands, a corresponding re-adjustment of the assessee's share income from the firm was required. The substantive clubbing was upheld, but the matter was remitted for limited verification on computation and consequential adjustment. en-us Mon, 20 Oct 1986 00:00:00 +0530 Tue, 15 Mar 2011 17:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67944 Interest credited on a deposit standing in a minor child's name was treated as includible in the assessee's hands under the clubbing provision because the claimed waiver for part of the year was not satisfactorily established and the deposit continued to accrue interest on normal accrual principles. However, the taxable computation was confined to interest on the original gifted principal, excluding interest-on-interest. Where the full interest was brought to tax in the assessee's hands, a corresponding re-adjustment of the assessee's share income from the firm was required. The substantive clubbing was upheld, but the matter was remitted for limited verification on computation and consequential adjustment. Case-Laws Income Tax Mon, 20 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67944