Supreme Court of India
Kapoor Chand (dead) v. Asstt. Commnr. of Income Tax
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What the Court ordered
We are of the view that the impugned judgment dated 24.10.2003 of the High Court does not lay down the correct proposition of law.
Judgment, page 9
From the headnote
Income Tax Act, 1961 - s. 64(1) (iii), Explanation 2A - Applicability of- Trust created for the benefit of minor children c - The two trustees (including the assessee) became partners in a partnership firm - Income arising to the Trust from the membership of the trustees in the firm - Whether taxable u/ s. 64(1) (iii) - Held: The income of a minor child is taxable at the hands of individual - However, in the present case, the income has not accrued to the minors in the relevant assessment year, in view of the stipulation in the Trust-deeds that the income would be available to the minors on
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