https://www.taxtmi.com/caselaws?id=17515 The High Court ruled in favor of the assessee, determining that the interest income of Rs. 48,000 earned on amounts transferred from minors' capital accounts to fixed deposit accounts was not taxable under section 64(1)(iii) of the Income-tax Act, 1961. However, the income of Rs. 25,280 earned by the assessee's minor children from partnership benefits was deemed includible in the total income of the assessee. The court held that income arising to the minor from the partnership deed would be assessable in the father's hands unless there was a separate contract where a loan was advanced by the minor to the firm. en-us Thu, 03 Apr 1997 00:00:00 +0530 Wed, 23 Sep 2009 10:47:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17515 The High Court ruled in favor of the assessee, determining that the interest income of Rs. 48,000 earned on amounts transferred from minors' capital accounts to fixed deposit accounts was not taxable under section 64(1)(iii) of the Income-tax Act, 1961. However, the income of Rs. 25,280 earned by the assessee's minor children from partnership benefits was deemed includible in the total income of the assessee. The court held that income arising to the minor from the partnership deed would be assessable in the father's hands unless there was a separate contract where a loan was advanced by the minor to the firm. Case-Laws Income Tax Thu, 03 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17515