https://www.taxtmi.com/caselaws?id=384269 The Court held that the share income of minor sons from the firm was assessable in the fathers' hands under Section 64(1)(iii) as amended from April 1, 1976. The amendment introducing a new liability could not be applied retrospectively to the previous accounting year. The date of income accrual is crucial for determining tax liability, with the new liability under Section 64(1)(iii) not applicable retrospectively to the prior accounting year. The matter was remanded for disposal in line with the clarified legal principles. en-us Thu, 01 Aug 2019 00:00:00 +0530 Tue, 15 Oct 2019 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384269 The Court held that the share income of minor sons from the firm was assessable in the fathers' hands under Section 64(1)(iii) as amended from April 1, 1976. The amendment introducing a new liability could not be applied retrospectively to the previous accounting year. The date of income accrual is crucial for determining tax liability, with the new liability under Section 64(1)(iii) not applicable retrospectively to the prior accounting year. The matter was remanded for disposal in line with the clarified legal principles. Case-Laws Income Tax Thu, 01 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384269