1984 (4) TMI 65

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....ms, namely Mukund & Bros. and Ambica Cut Piece Store. His minor daughter Chhava was admitted to the benefits of partnership of Mukund & Bros. 4. In his return of income the assessee had shown the share of profit of the minors from the aforesaid firms in view of the provisions of section 64(1)(iii). It may be mentioned that the minors were also given interest on the capital standing in their names which the assessee had not shown in his return on the ground that provisions of that section are not attracted. The income-tax authorities, however, negatived the assessee's stand and came to the conclusion that even in respect of the interest earned by the minors the provisions of section 64(1)(iii) are attracted. 5. Being aggrieved by the o....

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.... (All.). The learned representative for the department, on the other hand, strongly relied on the orders of the income-tax authorities and justified their action. He also invited our attention to the copies of the accounts of the minors with a view to impress upon us that the income-tax authorities have rightly included the interest income of the minors in the total income of the assessee. 6. We have carefully considered the rival submissions of the parties and we do not find any merits in the stand taken on behalf of the assessee. The relevant provisions of the Act applicable in the instant case read as under : " 64(1). In computing the total income of any individual, there shall be included all such income as arises directly or indi....