Court :
HC
Brief :
Held by the Hon`ble Court that, the interest accrued or paid on accumulated profits cannot be said to be a "benefit of partnership" and section 64(1)(iii) permits adding or clubbing to the income of the assessee only the income of a minor child of the assessee which arise from the "benefit of partnership". Therefore interest income on accumulated profits of minor who is partner in a firm, will not include in the total income of parent.
Citation :
Smt. Nisha Rani Agarwal Vs. C.I.T.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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