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2002 (2) TMI 10 - HC - Income Tax"Whether, Tribunal was right in holding that the loan accounts of the minors in the books of the firm, M/s. Ratnalaya, will not lose its character and will not partake of the character of capital account by virtue of the fact that the share incomes of the minors were credited to their loan account?" – It is not disputed that minors were entered into partnership to the benefits of the partnership and they were under no obligation under the partnership deed to contribute any capital and when the amount of profit was credited in their accounts, they were the absolute owners of that profit, which was credited in their accounts. There is no agreement contrary to the ownership of that amount with the minors. – Thus, no interference is called for in the order of the Tribunal.
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