https://www.taxtmi.com/caselaws?id=7749 Interest credited to minor sons on their capital accounts in a partnership firm was treated as income indirectly derived from their admission to the benefits of the partnership, where the Tribunal found that business assets had been brought into the firm as capital from the earlier Hindu undivided family arrangement and that the minors had contributed capital. On those facts, the clubbing provision in section 16(3)(a)(ii) of the Income-tax Act, 1922 applied, so the interest was includible in the father's total income. The contrary Bombay view was distinguished on its facts, and the Tribunal's finding that the minors had contributed capital was treated as binding. en-us Fri, 05 Sep 1969 00:00:00 +0530 Wed, 18 Mar 2009 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7749 Interest credited to minor sons on their capital accounts in a partnership firm was treated as income indirectly derived from their admission to the benefits of the partnership, where the Tribunal found that business assets had been brought into the firm as capital from the earlier Hindu undivided family arrangement and that the minors had contributed capital. On those facts, the clubbing provision in section 16(3)(a)(ii) of the Income-tax Act, 1922 applied, so the interest was includible in the father's total income. The contrary Bombay view was distinguished on its facts, and the Tribunal's finding that the minors had contributed capital was treated as binding. Case-Laws Income Tax Fri, 05 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7749