https://www.taxtmi.com/caselaws?id=13111 The High Court of Delhi ruled that interest on accumulated profits in the accounts of minors in a partnership firm should be assessable in the hands of the father or mother if they are admitted to the benefits of the partnership. The court emphasized the connection between the minor's income and their entitlement to partnership benefits. Consequently, the court answered both questions affirmatively, favoring the assessee on the first question and the Revenue on the second question, based on the interpretation of section 64(1)(iii) of the Income-tax Act, 1961. en-us Mon, 06 Aug 2001 00:00:00 +0530 Tue, 26 May 2009 13:58:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13111 The High Court of Delhi ruled that interest on accumulated profits in the accounts of minors in a partnership firm should be assessable in the hands of the father or mother if they are admitted to the benefits of the partnership. The court emphasized the connection between the minor's income and their entitlement to partnership benefits. Consequently, the court answered both questions affirmatively, favoring the assessee on the first question and the Revenue on the second question, based on the interpretation of section 64(1)(iii) of the Income-tax Act, 1961. Case-Laws Income Tax Mon, 06 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13111