https://www.taxtmi.com/caselaws?id=193805 Section 25(4) treats succession to a business as occurring when legal ownership and control pass, not merely when executors later sell the business. On the stated facts, the executors became the legal owners on the testator's death and succession was complete then, even though they were not beneficial owners. Section 41(1) applies only where income is receivable by a trustee for another person; a legacy paid by executors during estate administration does not, by itself, create a trust. The payment to the widow was therefore treated as an estate administration payment, outside trustee taxation, because no trust in the income-bearing property had yet arisen. en-us Fri, 19 Mar 1948 00:00:00 +0530 Sat, 19 Aug 2017 14:34:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193805 Section 25(4) treats succession to a business as occurring when legal ownership and control pass, not merely when executors later sell the business. On the stated facts, the executors became the legal owners on the testator's death and succession was complete then, even though they were not beneficial owners. Section 41(1) applies only where income is receivable by a trustee for another person; a legacy paid by executors during estate administration does not, by itself, create a trust. The payment to the widow was therefore treated as an estate administration payment, outside trustee taxation, because no trust in the income-bearing property had yet arisen. Case-Laws Income Tax Fri, 19 Mar 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193805