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16. The interim report on Tax Reforms for December, 1991, submitted by Dr. Raja J. Chelliah Committee reads as under (at para 6.38 of the Report) :

"At present, in India the income of the minor admitted to the benefits of any partnership is included in the income of the parent, irrespective of whether or not either parent is a partner in the same firm. Further, any income accruing to a minor from any asset transferred to him by the parents or the grandparents is included in the income of the parent or grandparent who has transferred such income-generating asset. However, in respect of all other income accruing to him, the minor is a separate taxable entity. Keeping in view the rationale for aggregation of the minor's income with that of the parents, the Committee recommends that -