https://www.taxtmi.com/caselaws?id=2090 The High Court held that the initiation of reassessment under section 147(a) for the non-disclosure of interest income of minors was not valid. It was determined that interest on capital and accumulated profits paid to minors did not fall under section 64(1)(iii) as it was not considered a "benefit of partnership." The Court clarified that such interest income could not be clubbed with the mother's income and emphasized the distinction between partnership benefits and interest on capital. The judgment favored the assessee, providing a detailed legal interpretation and explanation of the relevant sections. en-us Tue, 01 May 2007 00:00:00 +0530 Fri, 01 Aug 2008 14:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2090 The High Court held that the initiation of reassessment under section 147(a) for the non-disclosure of interest income of minors was not valid. It was determined that interest on capital and accumulated profits paid to minors did not fall under section 64(1)(iii) as it was not considered a "benefit of partnership." The Court clarified that such interest income could not be clubbed with the mother's income and emphasized the distinction between partnership benefits and interest on capital. The judgment favored the assessee, providing a detailed legal interpretation and explanation of the relevant sections. Case-Laws Income Tax Tue, 01 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2090