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1997 (3) TMI 4 - SUPREME COURT
Addition on account of interest in respect of the assessee's children and his wife - Assessee, MD of a company who was having deposit with the company, transfers it to the credit of the firm, in which his children are partners - Such a paper transaction intended merely to reduce the tax liability cannot be held to be a loan - addition of interest on deposit in respect of the assessee's children are justified