https://www.taxtmi.com/caselaws?id=7269 Interest earned by a minor child on amounts credited as capital in a partnership firm was treated as income arising from admission to the benefits of partnership, because section 16(3)(a)(ii) applies where there is a direct or indirect nexus between that admission and the receipt of income. Actual capital contribution in the firm was not converted into a mere loan or deposit merely because there was no contractual obligation to maintain it. Interest on accumulated profits similarly retained the required connection with the partnership arrangement and was includible in the father's total income. en-us Fri, 08 Mar 1968 00:00:00 +0530 Mon, 16 Feb 2009 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7269 Interest earned by a minor child on amounts credited as capital in a partnership firm was treated as income arising from admission to the benefits of partnership, because section 16(3)(a)(ii) applies where there is a direct or indirect nexus between that admission and the receipt of income. Actual capital contribution in the firm was not converted into a mere loan or deposit merely because there was no contractual obligation to maintain it. Interest on accumulated profits similarly retained the required connection with the partnership arrangement and was includible in the father's total income. Case-Laws Income Tax Fri, 08 Mar 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7269