https://www.taxtmi.com/caselaws?id=8289 A trust deed must be construed as a whole to determine the settlor's intention, and where the operative clauses expressly transfer the properties to the trustees, the trustees become the legal owners rather than the deities. On that basis, the income from the trust properties is assessable in the trustees' hands under section 9 of the Indian Income-tax Act, 1922, because liability attaches to legal ownership, not merely beneficial interest or shebaitship. Restrictions on actual letting or partial religious use do not exclude the property from section 9, and the bona fide annual value may still be assessed on a notional basis. en-us Thu, 17 Dec 1970 00:00:00 +0530 Thu, 09 Apr 2009 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8289 A trust deed must be construed as a whole to determine the settlor's intention, and where the operative clauses expressly transfer the properties to the trustees, the trustees become the legal owners rather than the deities. On that basis, the income from the trust properties is assessable in the trustees' hands under section 9 of the Indian Income-tax Act, 1922, because liability attaches to legal ownership, not merely beneficial interest or shebaitship. Restrictions on actual letting or partial religious use do not exclude the property from section 9, and the bona fide annual value may still be assessed on a notional basis. Case-Laws Income Tax Thu, 17 Dec 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8289