https://www.taxtmi.com/caselaws?id=8727 Trust income finally set apart under the governing deed for charitable application in a determinate proportion was treated as exempt under section 4(3)(i) of the Indian Income-tax Act, 1922, because immediate spending was not required where the income retained its charitable character. The remaining one-eighth share, being attributable to a known beneficiary with a fixed entitlement under the deed, did not fall within the first proviso to section 41(1), which applies only where beneficiaries or shares are indeterminate. The special maximum-rate assessment was therefore not attracted, and the identifiable private share was taxable only in the beneficiary's hands at the ordinary rate. en-us Wed, 23 Feb 1972 00:00:00 +0530 Wed, 03 Jun 2009 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8727 Trust income finally set apart under the governing deed for charitable application in a determinate proportion was treated as exempt under section 4(3)(i) of the Indian Income-tax Act, 1922, because immediate spending was not required where the income retained its charitable character. The remaining one-eighth share, being attributable to a known beneficiary with a fixed entitlement under the deed, did not fall within the first proviso to section 41(1), which applies only where beneficiaries or shares are indeterminate. The special maximum-rate assessment was therefore not attracted, and the identifiable private share was taxable only in the beneficiary's hands at the ordinary rate. Case-Laws Income Tax Wed, 23 Feb 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8727