https://www.taxtmi.com/caselaws?id=6260 Income from settled house properties under section 16(1)(c) of the Income-tax Act, 1922 was not fully assessable in the settlor's hands merely because a part of the income was reserved for him. The governing rule treated income from a settlement or revocable transfer as taxable in the settlor's hands, but the third proviso excluded income settled in favour of another beneficiary where the settlement was not revocable for the prescribed period and the settlor derived no direct or indirect benefit from that portion. The provision was construed to include only the amount actually payable to and received by the settlor, while income attributable to the other beneficiaries remained outside his total income. en-us Wed, 18 Aug 1971 00:00:00 +0530 Wed, 03 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6260 Income from settled house properties under section 16(1)(c) of the Income-tax Act, 1922 was not fully assessable in the settlor's hands merely because a part of the income was reserved for him. The governing rule treated income from a settlement or revocable transfer as taxable in the settlor's hands, but the third proviso excluded income settled in favour of another beneficiary where the settlement was not revocable for the prescribed period and the settlor derived no direct or indirect benefit from that portion. The provision was construed to include only the amount actually payable to and received by the settlor, while income attributable to the other beneficiaries remained outside his total income. Case-Laws Income Tax Wed, 18 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6260