1969 (2) TMI 25

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....ated reference in respect of the assessment year 1961-62. One S. RM. S. Narayanan Chettiar acted as the guardian of his four minor sons in carrying on money-lending business in their names. The Tribunal has held by a curious reasoning that the income derived from the business should be charged under section 12 of the Income-tax Act, 1922. It referred to section 2(6A)(k) and section 40 and thought ....

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....he Appellate Tribunal was right in law in holding that the income of the assessees was liable to be assessed under section 12 and not under section 10 of the Income-tax Act, 1922 ? (2) the Appellate Tribunal was right in law in holding that the income of the assessee was unearned income and liable to be assessed as such ? " We have no hesitation in answering the questions in favour of the as....