2001 (9) TMI 26 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the Revenue in a case concerning the clubbing of share income of minors under section 64(iii) of the Income-tax Act. The court emphasized the application of Explanation 2A to section 64, deeming income to minors from a trustee's partnership benefits. The Tribunal's decision was overturned due to failure to consider this explanation.