https://www.taxtmi.com/caselaws?id=168419 A will that required one-third of the residue to be applied to specified religious and charitable dispositions was treated as creating a trust or other legal obligation to the extent the executors assented, expressly or by conduct, to hold that property for the beneficiaries; the exemption under section 4(3)(i) therefore applied only to the portion of the estate impressed with that obligation. The court also held that section 41 of the Indian Income-tax Act, 1922 did not permit assessment of a successor court receiver for income already received by executors or a prior receiver in earlier accounting periods, because the later receiver was not the same taxable entity and had not received those sums. The assessee succeeded on both points. en-us Mon, 27 Apr 1964 00:00:00 +0530 Fri, 27 Feb 2015 12:14:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168419 A will that required one-third of the residue to be applied to specified religious and charitable dispositions was treated as creating a trust or other legal obligation to the extent the executors assented, expressly or by conduct, to hold that property for the beneficiaries; the exemption under section 4(3)(i) therefore applied only to the portion of the estate impressed with that obligation. The court also held that section 41 of the Indian Income-tax Act, 1922 did not permit assessment of a successor court receiver for income already received by executors or a prior receiver in earlier accounting periods, because the later receiver was not the same taxable entity and had not received those sums. The assessee succeeded on both points. Case-Laws Income Tax Mon, 27 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168419