https://www.taxtmi.com/caselaws?id=25166 The High Court ruled in favor of the assessee, upholding the Tribunal's decision to allow the deduction of interest paid on funds borrowed for the partnership from the minor daughter's share income under the Income-tax Act. The Court emphasized that the share income of the minor child should be determined considering all provisions of the Act, including Section 67(3), which allows for such deductions. The interest paid on funds borrowed for the partnership by the assessee on behalf of the minor daughter qualifies for deduction under Section 67(3), leading to the outcome in favor of the assessee. en-us Mon, 15 Feb 1988 00:00:00 +0530 Mon, 25 Jan 2010 17:15:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25166 The High Court ruled in favor of the assessee, upholding the Tribunal's decision to allow the deduction of interest paid on funds borrowed for the partnership from the minor daughter's share income under the Income-tax Act. The Court emphasized that the share income of the minor child should be determined considering all provisions of the Act, including Section 67(3), which allows for such deductions. The interest paid on funds borrowed for the partnership by the assessee on behalf of the minor daughter qualifies for deduction under Section 67(3), leading to the outcome in favor of the assessee. Case-Laws Income Tax Mon, 15 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25166