Law: Income Tax Act, 1961

Section: 64

Income-tax----Reference---Total income---Interest payable on deposits in the names of minors---Whether could be treated as income arising from their admission to partnership and included in total income of assessee is a question of law fit to be referred. Whether the Tribunal was right in holding that the interest payable on the deposits standing in the names of minors could not be treated as income arising directly or indirectly from their admission to the benefits of the partnership so as to attract the provisions of section 64(1)(iii) of the Indian Income-tax Act, 1961, and be included in the total income of the assessee, was a question of law fit to be referred. JUDGMENT V. RAMASWAMI, C.J.--We are satisfied that the following question of law does arise from out of the…

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