TMI Blog1984 (12) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... wing common question in these two references: "Whether, on the facts and in the circumstances of the case, the Incometax Appellate Tribunal is right in law in holding that the income received by the minor children from the firm is income of the assessee under section 64(1)(iii) of the Income-tax Act, 1961, for the assessment year 1976-77 ?" The facts behind the question are: The assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the assessee. The assessee appealed and succeeded. The Commissioner of Income-tax (Appeals) found from the partnership deed that from October 1, 1975, the said two minors had ceased to be partners for the benefits of the partnership and what they were entitled to when the books were closed on March 31, 1976, was not by the terms of partnership deed but by a separate agreement. Accordingly, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... child of such individual from the admission of the minor to the benefits of partnership in a firm." It is not in dispute that the minors were admitted to the benefits of the partnership and they received the share income for the period up to their continuance in that partnership. Section 64(1) of the Act directs that in computing the total income of any individual, the income arising directly or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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