1987 (8) TMI 71

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..... stance of the assessee, is to answer the following question of law : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the minors received interest on their capital accounts and, therefore, the interest income was includible in the total income of the assessee within the meaning of section 64(1)(iii) of the Income-tax Act, 1961 ? " Relevant asse .....

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..... instance of the assessee. No one has appeared on behalf of the assessee before us. We do not find any infirmity in the conclusion reached by the Tribunal or the reasoning on which that conclusion is based. The provision contained in section 64(1)(iii) of the Act is quite clear and it supports the view taken by the Tribunal. Consequently, the reference is answered against the assessee and in favo .....

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