1986 (10) TMI 96 - AT - Income Tax

Summary

The dispute in this case involves the addition of interest due to the minor son of the assessee under section 64 of the IT Act. The ITO added interest for seven months amounting to Rs. 3,479, which was endorsed by the AAC. The Tribunal partly allowed the appeal, directing the ITO to add interest only on the original gifted amount and not on any interest received by the minor son. The Tribunal also noted that the assessee is entitled to a re-adjustment of his share of income from the firm due to the added interest.