https://www.taxtmi.com/caselaws?id=10099 The Tribunal overturned the decision to tax interest paid on deposits to minor children of a partnership firm in the hands of the assessee. The agreement to retain profits as deposits, with interest paid, distinguished this case from precedent. The absence of an arrangement treating profits as loans or deposits, as seen in legal precedent, was key. The judgment favored the assessee, ruling the interest paid was not taxable under section 64(1)(iii) of the Income-tax Act. en-us Wed, 17 Dec 2003 00:00:00 +0530 Tue, 07 Jul 2009 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10099 The Tribunal overturned the decision to tax interest paid on deposits to minor children of a partnership firm in the hands of the assessee. The agreement to retain profits as deposits, with interest paid, distinguished this case from precedent. The absence of an arrangement treating profits as loans or deposits, as seen in legal precedent, was key. The judgment favored the assessee, ruling the interest paid was not taxable under section 64(1)(iii) of the Income-tax Act. Case-Laws Income Tax Wed, 17 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10099