https://www.taxtmi.com/caselaws?id=56056 The interest paid to minors by Hiralal Industries and Himson Textile Engineering was held not includible in the assessee's hands under section 64(1)(iii). The disagreement between members centered on whether the interest stemmed from accumulated profits or loans advanced by minors. Ultimately, the Third Member sided with treating the interest as loans, based on the partnership deeds' provisions. The decision partially allowed the appeal, with interest from Chetan Industries remaining includible under section 64(1)(iii). en-us Wed, 07 Nov 1984 00:00:00 +0530 Wed, 01 Dec 2010 13:27:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56056 The interest paid to minors by Hiralal Industries and Himson Textile Engineering was held not includible in the assessee's hands under section 64(1)(iii). The disagreement between members centered on whether the interest stemmed from accumulated profits or loans advanced by minors. Ultimately, the Third Member sided with treating the interest as loans, based on the partnership deeds' provisions. The decision partially allowed the appeal, with interest from Chetan Industries remaining includible under section 64(1)(iii). Case-Laws Income Tax Wed, 07 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56056