https://www.taxtmi.com/caselaws?id=8182 The High Court ruled against the department, holding that the interest credited to the minor sons of the assessee should not be included in the assessee's income under section 64 of the Income-tax Act, 1961. The Court emphasized that the minors' credits were deemed as deposits and not capital contributions, as per the partnership deed. Therefore, the Court concluded that there was no obligation for the minors to invest capital, and the interest earned by them should not be added to the assessee's income. The decision favored the assessee, with costs awarded against the Commissioner of Income-tax. en-us Tue, 02 Mar 1971 00:00:00 +0530 Wed, 01 Apr 2009 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8182 The High Court ruled against the department, holding that the interest credited to the minor sons of the assessee should not be included in the assessee's income under section 64 of the Income-tax Act, 1961. The Court emphasized that the minors' credits were deemed as deposits and not capital contributions, as per the partnership deed. Therefore, the Court concluded that there was no obligation for the minors to invest capital, and the interest earned by them should not be added to the assessee's income. The decision favored the assessee, with costs awarded against the Commissioner of Income-tax. Case-Laws Income Tax Tue, 02 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8182