https://www.taxtmi.com/caselaws?id=7131 Income arising from a business held in trust retained its character as earned income where the trust itself was the relevant legal owner and the business was treated as property held for application of profits to the trust objects. On that basis, the beneficiaries' 40 per cent share of profits was not treated as unearned income and was not liable to special surcharge. Section 41 was held inapplicable because the trustee was not carrying on the business on behalf of another person in the statutory sense needed to deny earned-income treatment. en-us Wed, 24 Aug 1966 00:00:00 +0530 Wed, 11 Feb 2009 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7131 Income arising from a business held in trust retained its character as earned income where the trust itself was the relevant legal owner and the business was treated as property held for application of profits to the trust objects. On that basis, the beneficiaries' 40 per cent share of profits was not treated as unearned income and was not liable to special surcharge. Section 41 was held inapplicable because the trustee was not carrying on the business on behalf of another person in the statutory sense needed to deny earned-income treatment. Case-Laws Income Tax Wed, 24 Aug 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7131