https://www.taxtmi.com/caselaws?id=21979 The court ruled in favor of the assessee, deciding that the interest paid by the firm to minor sons, including interest on accumulated profits, should not be included in the assessee's total income under section 64(1)(iii) of the Income-tax Act, 1961. The court found that the interest was on deposit and not connected to the admission of the minors to the benefits of the partnership. The Department failed to establish a link between the interest earned and the admission of the minor to the partnership, leading to a negative outcome for the Department. en-us Wed, 18 Dec 1991 00:00:00 +0530 Sat, 05 Dec 2009 12:24:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21979 The court ruled in favor of the assessee, deciding that the interest paid by the firm to minor sons, including interest on accumulated profits, should not be included in the assessee's total income under section 64(1)(iii) of the Income-tax Act, 1961. The court found that the interest was on deposit and not connected to the admission of the minors to the benefits of the partnership. The Department failed to establish a link between the interest earned and the admission of the minor to the partnership, leading to a negative outcome for the Department. Case-Laws Income Tax Wed, 18 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21979