https://www.taxtmi.com/caselaws?id=7529 A trust deed directing fixed payments for the daughters' marriages and houses, with the residue to be divided only among daughters then living, did not give any daughter an immediate vested right to a defined share in the accumulated income. Because entitlement to the residue depended on survival until distribution, the beneficial interest remained contingent rather than vested, and the shares could not be treated as determinate merely because the number of living daughters was known. On that construction, the beneficiaries' shares were indeterminate during the relevant years, so the first proviso to section 41(1) applied and the trust income was assessable at the maximum rate. en-us Wed, 27 Nov 1968 00:00:00 +0530 Sat, 21 Feb 2009 20:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7529 A trust deed directing fixed payments for the daughters' marriages and houses, with the residue to be divided only among daughters then living, did not give any daughter an immediate vested right to a defined share in the accumulated income. Because entitlement to the residue depended on survival until distribution, the beneficial interest remained contingent rather than vested, and the shares could not be treated as determinate merely because the number of living daughters was known. On that construction, the beneficiaries' shares were indeterminate during the relevant years, so the first proviso to section 41(1) applied and the trust income was assessable at the maximum rate. Case-Laws Income Tax Wed, 27 Nov 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7529