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2004 (8) TMI 27 - HC - Income TaxAssessee claimed that the income returned did not arise from the admission of the minors to the benefits of partnership and as such it was not liable to be included u/s 64 – Held that Tribunal was not justified in law in holding that the investments made with the firm, M/s. Jahanganj Cold Storage, by the minors, Ajit Kumar and Sujit Kumar, were not on capital account but were mere deposits - Held that Tribunal was not justified in holding that the interest derived by the minors, Ajit Kumar and Jahanganj Cold Storage was not as a result of their admission to the benefits of partnership and that it could not be included in the assessee's income u/s 64(1)(iii) - Tribunal has committed illegality in holding that the income earned on the deposits made by the two minors in the firm, Jahanganj Cold Storage, was not includible u/s 64(1)(iii)
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