https://www.taxtmi.com/caselaws?id=37391 The court ruled in favor of the revenue, deciding that the interest income credited to the minor sons' accounts, arising from accumulated profits treated as loan deposits, must be included in the assessee's income under section 64(1)(ii) of the Income-tax Act, 1961. The court emphasized a strict interpretation of section 64 and relevant judicial precedents, highlighting that the partnership deed's provisions could not change the fundamental nature of accumulated profits. en-us Wed, 24 Jan 1979 00:00:00 +0530 Mon, 29 Mar 2010 13:31:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37391 The court ruled in favor of the revenue, deciding that the interest income credited to the minor sons' accounts, arising from accumulated profits treated as loan deposits, must be included in the assessee's income under section 64(1)(ii) of the Income-tax Act, 1961. The court emphasized a strict interpretation of section 64 and relevant judicial precedents, highlighting that the partnership deed's provisions could not change the fundamental nature of accumulated profits. Case-Laws Income Tax Wed, 24 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37391