https://www.taxtmi.com/caselaws?id=191665 Amounts treated as deemed dividend on liquidation but forming part of trust corpus were not includible in the beneficiary's total income because the beneficiary was entitled only to trust income, not corpus, and tax treatment did not alter the trust deed's allocation of rights. The surplus arising from sale of trust investments was likewise not includible, as the trustees held the sale proceeds as corpus to be reinvested and the beneficiary was entitled only to the income from the investments. In both instances, inclusion depended on whether the amounts were receivable by the trustees on behalf of the beneficiary under the trust instrument, and the reference was answered against the Revenue. en-us Mon, 13 Aug 1962 00:00:00 +0530 Wed, 12 Apr 2017 17:22:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191665 Amounts treated as deemed dividend on liquidation but forming part of trust corpus were not includible in the beneficiary's total income because the beneficiary was entitled only to trust income, not corpus, and tax treatment did not alter the trust deed's allocation of rights. The surplus arising from sale of trust investments was likewise not includible, as the trustees held the sale proceeds as corpus to be reinvested and the beneficiary was entitled only to the income from the investments. In both instances, inclusion depended on whether the amounts were receivable by the trustees on behalf of the beneficiary under the trust instrument, and the reference was answered against the Revenue. Case-Laws Income Tax Mon, 13 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191665