https://www.taxtmi.com/caselaws?id=7729 Interest paid on amounts deposited by minors admitted to the benefits of a partnership is includible in the assessee's income under section 16(3)(a)(ii) of the Income-tax Act, 1922 only if a direct or indirect nexus is shown between the receipt and the minors' admission. Where the partnership deed required only a fixed capital contribution and the excess sums were independent deposits or loans, the interest could not be treated as attributable to the partnership relationship. On the facts, the revenue failed to establish that the excess amounts were additional capital or accumulated profits, so the interest was not includible in the assessee's income. en-us Fri, 05 Dec 1969 00:00:00 +0530 Wed, 18 Mar 2009 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7729 Interest paid on amounts deposited by minors admitted to the benefits of a partnership is includible in the assessee's income under section 16(3)(a)(ii) of the Income-tax Act, 1922 only if a direct or indirect nexus is shown between the receipt and the minors' admission. Where the partnership deed required only a fixed capital contribution and the excess sums were independent deposits or loans, the interest could not be treated as attributable to the partnership relationship. On the facts, the revenue failed to establish that the excess amounts were additional capital or accumulated profits, so the interest was not includible in the assessee's income. Case-Laws Income Tax Fri, 05 Dec 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7729