1978 (4) TMI 25 - HC - Income Tax

Summary

The High Court of Allahabad ruled that the share income of minor children from a partnership firm can be included in the income of the assessee under section 64(ii) of the Income-tax Act, 1961. The decision was based on the case of Madho Prasad v. CIT [1978] 112 ITR 492 (All). The court held that the karta, as a partner, is considered an individual under the law. The question was answered in favor of the department and costs were assessed at Rs. 200.