The Tribunal held that the share income of the two minor sons of the assessee, which included interest from a firm whose accounting year ended on December 31, 1975, was assessable in the hands of the assessee, their father, in the assessment year 1976-77 under section 64(1)(iii), as amended by the Taxation Laws (Amendment) Act, 1975, with effect from April 1, 1976 when the accounting year of the firm ended on December 31, 1975. On a reference the Court held that   the share income including the component of interest of the two minor sons from the firm, would not be assessable in the hands of their father, the assessee in the assessment year 1976-77 under section 64(1)(iii) since the amendment making such income taxable in the hands of their father, came into effect from April 1, 1976, the period prior to the accounting year ending on December 31, 1975.( AY.1976-77)