1967 (7) TMI 39 - HC - Income Tax

Whether the sum being interest earned by the minor son of the assessee on the capital subscribed by him in the firm in which the assessee is also a partner is liable to be included in the total income of the assessee u/s 16(3)(a)(ii) - Held yes

Summary

The High Court of Allahabad held that interest earned by a minor child on capital contributed to a partnership firm must be included in the total income of the assessee partner. The court answered the question in the affirmative, ruling in favor of the Commissioner of Income-tax. The judgment was delivered by Judges Jagdish Sahai and R. S. Pathak.