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TMI Blog1987 (3) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... the instance of the assessee and the following question is referred for the opinion of this court . "Whether, on the facts and in the circumstances of the case, the interest income of Rs. 3,418 accrued on the capital account of the minor, Sri B. Srinivasa Rao, is includible in the hands of the assessee under section 64(1) of the Income-tax Act, 1961 ? " The assessment year in question is 1976- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Tribunal. According to learned counsel for the assessee, after the amendment of section 64(1) in 1975 (w.e.f. 1-4-1976), the action of the authorities in following the decisions under the earlier provisions is not correct. He has sought to distinguish the decision in Akula Venkatasubbaiah v. CIT [1963] 47 ITR 458 (AP). Further, as the terms of the partnership do not oblige any partner to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the minor to the firm was by way of loan or deposit. It also drew an inference from the circumstances that only because of such contribution of capital, the minor was admitted to the benefits of the partnership and the income arose because of his being admitted to the benefits of the partnership. The findings cannot be said to be unjustified. In view of the findings, the Tribunal was right in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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