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TMI Blog2002 (2) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... n of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the loan accounts of the minors in the books of the firm, M/s. Ratnalaya, will not lose its character and will not partake of the character of capital account by virtue of the fact that the share incomes of the minors were credited to their loan account?" The partnership firm st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dited to such account of the minors in the books of the firm, so the accounts of Master Peeyush Kumar and Pankaj Kumar swelled up to Rs. 97,280 and Rs. 96,798, respectively, as on April 1, 1976. The assessment year is 1976-77. The Income-tax Officer has invoked the provisions of section 64(1)(iii) of the Act and held that the amount, which is credited in the account of the minors is includible in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he decision of the Gauhati High Court in the case of CIT v. Smt. Savitri Devi Dhandharia [1996] 219 ITR 277. In the case of CIT v. Jwalaprasad Agarwala [1967] 66 ITR 154 (SC), their Lordships observed as under: "The High Court observed that 'from the account books it appears that Rs. 74,721 were taken as the minor's deposit in the account books and, further, that the minor was admitted to the be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ria [1996] 219 ITR 277 (Gauhati), their Lordships observed as under: "This would only mean that the amount of Rs. 95,743.19 was the absolute property of the minor kept in deposit with the partnership firm. Admittedly, the father who was the natural guardian was not a party to the agreement. Besides, we do not find any evidence on record to show that there was any agreement by the natural guardian ..... X X X X Extracts X X X X X X X X Extracts X X X X
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