https://www.taxtmi.com/caselaws?id=57584 Interest earned by spouses, minor children and joint families on genuine, interest-bearing funds advanced by partners was not clubbed with partners' income because the advances were for consideration and did not constitute a transfer of existing or future income under the clubbing provisions. Loan transactions were not legally non-existent merely because of the principle that a person cannot contract with himself; transfers to oneself in different legal capacities were recognised, and the transactions were not shown to be illegal or unenforceable. Interest paid by the firm was not disallowable as partner interest because it accrued to the respective spouses, minors and joint families. Tax saving alone did not establish sham, fraud or benami transactions. en-us Thu, 19 Sep 1985 00:00:00 +0530 Fri, 10 Dec 2010 18:49:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57584 Interest earned by spouses, minor children and joint families on genuine, interest-bearing funds advanced by partners was not clubbed with partners' income because the advances were for consideration and did not constitute a transfer of existing or future income under the clubbing provisions. Loan transactions were not legally non-existent merely because of the principle that a person cannot contract with himself; transfers to oneself in different legal capacities were recognised, and the transactions were not shown to be illegal or unenforceable. Interest paid by the firm was not disallowable as partner interest because it accrued to the respective spouses, minors and joint families. Tax saving alone did not establish sham, fraud or benami transactions. Case-Laws Income Tax Thu, 19 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57584