https://www.taxtmi.com/caselaws?id=403152 The judgment concluded that Section 64(1)(iii) of the Income Tax Act, 1961 could not be applied retrospectively to the accounting year ending on 31st December 1975. Consequently, the share income and interest income of the minor sons were not assessable in the hands of the assessee father for the period before the amendment's effective date. The reference was answered in the negative, affirming that such income should not be included in the father's total income for the relevant assessment year. The Tribunal's decision was upheld, emphasizing the advisory role of the HC in such matters. en-us Fri, 06 Nov 2020 00:00:00 +0530 Wed, 30 Oct 2024 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403152 The judgment concluded that Section 64(1)(iii) of the Income Tax Act, 1961 could not be applied retrospectively to the accounting year ending on 31st December 1975. Consequently, the share income and interest income of the minor sons were not assessable in the hands of the assessee father for the period before the amendment's effective date. The reference was answered in the negative, affirming that such income should not be included in the father's total income for the relevant assessment year. The Tribunal's decision was upheld, emphasizing the advisory role of the HC in such matters. Case-Laws Income Tax Fri, 06 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403152