M/S. Y. L. AGARWALLA AND ORS. vs COMMISSIONER OF INCOME -TAX, CENTRAL, CALCUTTA

The Supreme Court held that the share income of the three minor sons from the partnership firm is assessable as the income of the Hindu Undivided Family (HUF) under Section 4 of the Income Tax Act. The Court emphasized that the minor sons were admitted to the partnership benefits in their individual capacity, but the income derived was still linked to the HUF's capital. The appeal was dismissed, affirming the lower authorities' decisions that the income should be included in the HUF's assessment for tax purposes.