1997 (3) TMI 27 - HC - Income Tax

Summary

The High Court of Madras ruled that the share income of minor sons admitted to a partnership firm must be included in the total income of the assessee parent under section 64(1)(iii) of the Income-tax Act, 1961. This decision was based on a previous case law and the relevant amendment to the Act. The court answered the question of law in favor of the Revenue.