https://www.taxtmi.com/caselaws?id=172796 Trustees of an incorporated trust were treated as assessable to income-tax and super tax on the trust income because the income remained under their control until they discharged the trust obligations first. Under the trust deed and incorporating Act, the income had to be applied to the sinking fund, repair fund, rates, taxes and other outgoings before any residue could be paid to the beneficiary, so the beneficiary had no specific right to the income until those liabilities were met. The statutory scheme did not prevent assessment of trustees in that position, and trustees receiving and applying trust income could be the persons chargeable to tax. en-us Mon, 26 Feb 1934 00:00:00 +0530 Mon, 31 Aug 2015 16:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172796 Trustees of an incorporated trust were treated as assessable to income-tax and super tax on the trust income because the income remained under their control until they discharged the trust obligations first. Under the trust deed and incorporating Act, the income had to be applied to the sinking fund, repair fund, rates, taxes and other outgoings before any residue could be paid to the beneficiary, so the beneficiary had no specific right to the income until those liabilities were met. The statutory scheme did not prevent assessment of trustees in that position, and trustees receiving and applying trust income could be the persons chargeable to tax. Case-Laws Income Tax Mon, 26 Feb 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172796