https://www.taxtmi.com/caselaws?id=7701 Interest on Nizam Government promissory notes was treated as exempt because the securities were held as private property and the governing notification applied. Sovereign immunity was unavailable once the assessee was not shown to retain international personality, so liability to tax arose as an ordinary resident. For trust securities, exemption under the third proviso to the income-tax provision was confined to income-tax on the Family Trust and Miscellaneous Trust securities and did not extend to super-tax or to other trusts. The annual sum under the Princess Niloufer arrangement was characterised as income, but it remained exempt under the 1949 agreement because the transferee could enforce the attached tax protection. en-us Fri, 25 Jul 1969 00:00:00 +0530 Tue, 17 Mar 2009 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7701 Interest on Nizam Government promissory notes was treated as exempt because the securities were held as private property and the governing notification applied. Sovereign immunity was unavailable once the assessee was not shown to retain international personality, so liability to tax arose as an ordinary resident. For trust securities, exemption under the third proviso to the income-tax provision was confined to income-tax on the Family Trust and Miscellaneous Trust securities and did not extend to super-tax or to other trusts. The annual sum under the Princess Niloufer arrangement was characterised as income, but it remained exempt under the 1949 agreement because the transferee could enforce the attached tax protection. Case-Laws Income Tax Fri, 25 Jul 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7701