https://www.taxtmi.com/caselaws?id=27505 The court held that the interest income assessed under section 64 of the Income-tax Act, 1961, should be clubbed in the total income of the respective partner concerned, except where gifts involved joint family funds. It was determined that there were indirect transfers of Rs. 10,000 to minor children and wives, falling within the scope of section 64. The Tribunal's decision was overturned in favor of the Revenue, and the assessee was directed to bear the Department's costs, including counsel's fee of Rs. 500. en-us Wed, 03 Nov 1982 00:00:00 +0530 Sat, 13 Feb 2010 12:46:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27505 The court held that the interest income assessed under section 64 of the Income-tax Act, 1961, should be clubbed in the total income of the respective partner concerned, except where gifts involved joint family funds. It was determined that there were indirect transfers of Rs. 10,000 to minor children and wives, falling within the scope of section 64. The Tribunal's decision was overturned in favor of the Revenue, and the assessee was directed to bear the Department's costs, including counsel's fee of Rs. 500. Case-Laws Income Tax Wed, 03 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27505