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TMI Blog1982 (7) TMI 155X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 and 1978-79 was valid; (2) that the lower authorities have erred in clubbing the share income and interest of the minor child of the assessee in the firm of M/s. Sri Venkateswara Silks, Dharmavaram with the income of the assessee, an individual and who is the mother of the minor child for the above assessment years. 2. Taking the first point about the validity of the reassessments we find th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 1976-77 Share income 9, 516 . Interest 12, 000 1977-78 Share income By 3, 095 . Interest 17, 075 1978-79 Share income 4, 294 . Interest 19, 986 The ld. counsel for the assessee had urged that the lower authorities have erred in including the above share income an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of S. Srinivasan vs. CIT (1967) 63 ITR 273 (SC) and Submitted that in respect of payment of interest on accumulated profits the provisions of 64 (i)(iii) would be applicable. As regards the inclusion of the share income he submitted that the inclusion is quite in order. 4. We have considered the rival submissions. We have perused the deed of partnership of M/s. Shri Venkateswara Sil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the benefits of the partnership could not be treated as a partner liable to make contributions towards capital. Therefore we agree with the submissions of the ld. Counsel of the assessee that the minor D. Venkatesulu is not obliged to make contributions of capital in the above firm. The other facts obtaining in this case are similar to the facts of the case of Sri Bajranglal referred to above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause oral agreements are also valid in law. The facts obtaining in this case being similar, following the reasoning found in the aforesaid order of the Judicial Member as a Third Member (the Accountant Member being a party to the order passed by the Bench on 17th July, 1982), we delete the inclusion of interest of Rs. 12,000, Rs. 17,075 and Rs. 19,986 respectively for the years under appeal. Howev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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