https://www.taxtmi.com/caselaws?id=17626 The High Court of ALLAHABAD ruled against the assessee, holding that interest income accruing to minor children from their partnership firm admission should be included in the total income of the assessee under section 64(1)(iii) of the Income-tax Act, 1961. The Court emphasized the importance of factual capital contribution by minors, rejecting the Tribunal's emphasis on legal obligations. The judgment aligned with previous decisions, establishing that interest on capital investments by minors is includible in the parent's total income. The outcome favored the Revenue, reinforcing the application of section 64(1)(iii) in such cases. en-us Thu, 02 Jan 1997 00:00:00 +0530 Wed, 23 Sep 2009 17:27:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17626 The High Court of ALLAHABAD ruled against the assessee, holding that interest income accruing to minor children from their partnership firm admission should be included in the total income of the assessee under section 64(1)(iii) of the Income-tax Act, 1961. The Court emphasized the importance of factual capital contribution by minors, rejecting the Tribunal's emphasis on legal obligations. The judgment aligned with previous decisions, establishing that interest on capital investments by minors is includible in the parent's total income. The outcome favored the Revenue, reinforcing the application of section 64(1)(iii) in such cases. Case-Laws Income Tax Thu, 02 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17626