https://www.taxtmi.com/caselaws?id=39226 Interest credited by a firm on balances standing in the wife's and minor sons' current accounts was treated as part of the assessee's taxable income because the amounts were retained under the partnership deed and were not true loans or deposits. The firm had no real option to return the sums and stop interest, so the credits remained connected with the partnership relationship. Applying the earlier Supreme Court principle that income arising from accumulations linked to the wife's or minors' association with the firm falls within the deeming provision, the interest was held includible in the assessee's total income. en-us Tue, 16 Oct 1973 00:00:00 +0530 Tue, 13 Apr 2010 18:08:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39226 Interest credited by a firm on balances standing in the wife's and minor sons' current accounts was treated as part of the assessee's taxable income because the amounts were retained under the partnership deed and were not true loans or deposits. The firm had no real option to return the sums and stop interest, so the credits remained connected with the partnership relationship. Applying the earlier Supreme Court principle that income arising from accumulations linked to the wife's or minors' association with the firm falls within the deeming provision, the interest was held includible in the assessee's total income. Case-Laws Income Tax Tue, 16 Oct 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39226