https://www.taxtmi.com/caselaws?id=186148 Dividend income from shares transferred to a public charitable trust was outside the settlor's taxable income where the transfer was irrevocable for more than six years and the deed contained no right of retransfer or reassumption of control. The court held that section 16(1)(c) of the 1922 Act did not apply because the assessee derived no direct or indirect benefit from the trust income. Lending of trust funds to companies in which the settlor and other founders held shares was too remote to amount to a benefit, as a company is a separate legal entity from its shareholders. The dividend income could not be included in taxable income. en-us Thu, 10 Oct 1963 00:00:00 +0530 Thu, 08 Sep 2016 16:33:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186148 Dividend income from shares transferred to a public charitable trust was outside the settlor's taxable income where the transfer was irrevocable for more than six years and the deed contained no right of retransfer or reassumption of control. The court held that section 16(1)(c) of the 1922 Act did not apply because the assessee derived no direct or indirect benefit from the trust income. Lending of trust funds to companies in which the settlor and other founders held shares was too remote to amount to a benefit, as a company is a separate legal entity from its shareholders. The dividend income could not be included in taxable income. Case-Laws Income Tax Thu, 10 Oct 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186148