Punjab & Haryana H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in upholding the finding of the AAC that the interest payable on the deposits standing in the names of minors could not be treated as income arising directly or indirectly from their admission, to the benefits of the partnership so as to attract the provisions of s. 64(1)(iii) of the IT Act, 1961, and be included in the total income of the assessee?

High Court Of Punjab & Haryana

CIT vs. Shri Ram Avtar

Sections 256(2), 64(1)(iii)

V. Ramaswami, C.J. & G.R. Majithia, J.

IT Case No. 74 of 1981

23rd August, 1988

Counsel Appeared

Ashok Bhan & A.K. Mittal, for the Revenue : S.S. Mahajan, for the Assessee

V. RAMASWAMI C, J. :

We are satisfied that the following question of law does arise from out of the order of the Tribunal. Accordingly, we direct the Tribunal to state a case and refer the following question of law to this Court for its opinion :

“Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in upholding the finding of the AAC that the interest payable on the deposits standing in the names of minors could not be treated as income arising directly or indirectly from their admission, to the benefits of the partnership so as to attract the provisions of s. 64(1)(iii) of the IT Act, 1961, and be included in the total income of the assessee?”

[Citation : 177 ITR 435]

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