1979 (11) TMI 161

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..... e disposed of on merits. So we are doing that. 2. The assessee has a minor son. He is admitted to the benefit of a partnership in two firms. The share income of that minor is offered by clubbing for assessment with his income. But the minor has made some deposits in the two firms. The case of the assessee is that the interest from those deposits should not be taken for clubbing because the inter .....

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..... ., 76 in the case of M/s Bell Dynamites the capital of the partnership shall be Rs. 50,000 to be contributed equally by the partners including the minor admitted to the benefits of the partnership. Thus the amount specified to bring in by the minor was Rs. 5,000 as he held 10 per cent share of profit." If these are taken into consideration, the case falls squarely within the principles of the Ma .....

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..... made out of the accumulated share of profits. We do not know how far that is correct, because the clauses in the partnership deed provide that the minor should make some deposits. So we are not investigating into the question whether the interest is from the accumulated share of profits as contended by the departmental representative. We are basing our decision only on the fact that the minor is o .....

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