https://www.taxtmi.com/caselaws?id=10990 The Tribunal upheld that the minors in the partnership firm were not required to contribute capital, thus their income should not be clubbed with the assessee's under section 64(1)(iii) of the Income-tax Act. Relying on precedents, it was determined that the minors owned the profits in their accounts, as there was no obligation to convert them into capital. The decision favored the assessee, confirming that the loan accounts of the minors would retain their character and not be treated as capital accounts based on their share incomes. en-us Mon, 04 Feb 2002 00:00:00 +0530 Tue, 28 Jul 2009 19:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10990 The Tribunal upheld that the minors in the partnership firm were not required to contribute capital, thus their income should not be clubbed with the assessee's under section 64(1)(iii) of the Income-tax Act. Relying on precedents, it was determined that the minors owned the profits in their accounts, as there was no obligation to convert them into capital. The decision favored the assessee, confirming that the loan accounts of the minors would retain their character and not be treated as capital accounts based on their share incomes. Case-Laws Income Tax Mon, 04 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10990