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.
Browse CAclubindia ads free.
Latest updates on WA.
Daily E-Newsletter and much more.
CCI PRO annual subscription :
Duration : 1 year
(Prices Inclusive of GST)
Online GST Course - Master the Fundamentals of GST with Practical Insights
CAclubindia
