1997 (4) TMI 57

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.... of the Revenue and the other at the instance of the assessee : At the instance of the Revenue: " Whether, on the facts and in the circumstances of the case the Income-tax Appellate Tribunal is correct in law in holding that the interest income of Rs. 48,000 earned on the amounts transferred from the capital accounts of the minors to the fixed deposit accounts is not taxable in the hands of the....

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....may be noticed that the Tribunal has found that the amounts of Rs. 1,50,000 each in the case of Bharat Kumar and Manoj Kumar and Rs. 1 lakh in the case of Kumari Pushpa were transferred from their capital accounts and credited to separate fixed deposit accounts and has concluded that had there been no intention to treat them as separate loans, there was no necessity of any such transfer. In this v....

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....relying upon the decision of the Supreme Court in S. Srinivasan v. CIT [1967] 63 ITR 273 has held that if any income arises to the minor as a result of or in consequence of the partnership deed, whether it be in the form of share of profit, commission, fee or even interest, it would be assessable in the hands of the father; but if there is an independent contract de hors the partnership agreement,....