https://www.taxtmi.com/caselaws?id=24958 The court ruled in favor of the assessee in a case involving the interpretation of provisions of section 60 of the Income-tax Act, 1961. It was determined that the provisions of section 60 did not apply to the transfer of assets and income arising from it. The court upheld the validity of a gift made by the assessee to a minor, clarifying that the minor was not liable for losses on the gifted share. Additionally, the court decided that the share of profits from the partnership firm corresponding to the gifted share should not be included in the assessee's assessment. en-us Wed, 09 Mar 1988 00:00:00 +0530 Sat, 23 Jan 2010 13:46:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24958 The court ruled in favor of the assessee in a case involving the interpretation of provisions of section 60 of the Income-tax Act, 1961. It was determined that the provisions of section 60 did not apply to the transfer of assets and income arising from it. The court upheld the validity of a gift made by the assessee to a minor, clarifying that the minor was not liable for losses on the gifted share. Additionally, the court decided that the share of profits from the partnership firm corresponding to the gifted share should not be included in the assessee's assessment. Case-Laws Income Tax Wed, 09 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24958