https://www.taxtmi.com/caselaws?id=18602 The High Court held in favor of the assessee and against the Revenue. The interest paid on the amounts credited to the minor son's account was not includible in the total income of the assessee under section 64(1)(iii) of the Income-tax Act, 1961. The court determined that the amounts were deposits and not capital contributions based on the partnership deed and the manner in which the amounts were credited and accumulated. The court's decision aligned with the precedent set in the Supreme Court case S. Srinivasan v. CIT. en-us Thu, 01 Feb 1996 00:00:00 +0530 Fri, 30 Oct 2009 16:38:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18602 The High Court held in favor of the assessee and against the Revenue. The interest paid on the amounts credited to the minor son's account was not includible in the total income of the assessee under section 64(1)(iii) of the Income-tax Act, 1961. The court determined that the amounts were deposits and not capital contributions based on the partnership deed and the manner in which the amounts were credited and accumulated. The court's decision aligned with the precedent set in the Supreme Court case S. Srinivasan v. CIT. Case-Laws Income Tax Thu, 01 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18602