https://www.taxtmi.com/caselaws?id=6428 A payment received under a release deed was treated as income because it replaced periodic beneficial payments originally payable under the trust arrangement. The transfer of the beneficial interest did not alter the character of the receipt, which remained assessable as income in the hands of the recipient. However, the tax exemption created by the 8 October 1949 agreement was construed as attaching to the payment itself, not solely to Princess Niloufer personally. As the agreement did not confine the exemption to her alone, the benefit continued when the assignee stepped into her position, so the payment remained exempt from tax. en-us Wed, 16 Oct 1974 00:00:00 +0530 Thu, 19 Jun 2014 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6428 A payment received under a release deed was treated as income because it replaced periodic beneficial payments originally payable under the trust arrangement. The transfer of the beneficial interest did not alter the character of the receipt, which remained assessable as income in the hands of the recipient. However, the tax exemption created by the 8 October 1949 agreement was construed as attaching to the payment itself, not solely to Princess Niloufer personally. As the agreement did not confine the exemption to her alone, the benefit continued when the assignee stepped into her position, so the payment remained exempt from tax. Case-Laws Income Tax Wed, 16 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6428