https://www.taxtmi.com/caselaws?id=70228 The ITAT ruled in favor of the assessee, determining that the interest income accruing to minor daughters from funds advanced to partnership firms should not be added to the assessee's total income under Section 64(1)(iii) of the IT Act, 1961. The interest did not directly result from the minors' admission to partnership benefits but rather from funds lent to the firms, not constituting benefits arising from the partnership. The ITAT set aside previous orders, instructing the ITO to recalculate the assessee's income, excluding the interest from firm deposits, ultimately allowing the appeal. en-us Mon, 06 Sep 1982 00:00:00 +0530 Fri, 15 Apr 2011 10:01:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70228 The ITAT ruled in favor of the assessee, determining that the interest income accruing to minor daughters from funds advanced to partnership firms should not be added to the assessee's total income under Section 64(1)(iii) of the IT Act, 1961. The interest did not directly result from the minors' admission to partnership benefits but rather from funds lent to the firms, not constituting benefits arising from the partnership. The ITAT set aside previous orders, instructing the ITO to recalculate the assessee's income, excluding the interest from firm deposits, ultimately allowing the appeal. Case-Laws Income Tax Mon, 06 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70228