1969 (2) TMI 25 - HC - Income Tax

Business of minor carried by guardian - Tribunal was not right in law in holding that the income of the assessees was liable to be assessed under section 12 and not under section 10 - Tribunal was not right in law in holding that the income of the assessee was unearned income and liable to be assessed as such

Summary

The High Court of Madras held that income derived from a business carried on by minors through a guardian is earned income and should be assessed under section 10 of the Income-tax Act, 1922, not section 12. The court ruled in favor of the assessee, stating that the guardian acts as a representative of the minors in conducting the business. The judgment was delivered by Judge Veeraswami J. and the counsel's fee was Rs. 250.