https://www.taxtmi.com/caselaws?id=8574 The High Court held that the interest earned by minors on amounts credited to a partnership firm, to which they were admitted, should be included in the father's income under section 64(ii) of the Income-tax Act, 1961. The court determined that the interest on the credited amounts, including subsequent profits, was not voluntary deposits but profits arising from the minors' admission to partnership benefits. The decision aligned with the Supreme Court's ruling that accumulated profits retained within the firm do not transform into deposits or loans. en-us Mon, 22 Mar 1971 00:00:00 +0530 Thu, 30 Apr 2009 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8574 The High Court held that the interest earned by minors on amounts credited to a partnership firm, to which they were admitted, should be included in the father's income under section 64(ii) of the Income-tax Act, 1961. The court determined that the interest on the credited amounts, including subsequent profits, was not voluntary deposits but profits arising from the minors' admission to partnership benefits. The decision aligned with the Supreme Court's ruling that accumulated profits retained within the firm do not transform into deposits or loans. Case-Laws Income Tax Mon, 22 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8574