https://www.taxtmi.com/caselaws?id=199342 Trust income was treated as assessable at the maximum rate where the beneficiaries' shares were not finally determinate or known. The court construed "shares" in the proviso to mean a specific and definite portion of income, and held that fixed sums under the deed did not prevent uncertainty because the reserve fund and discretionary use of surplus income could vary the amounts payable from year to year. The case therefore fell within the second limb of the proviso to section 41(1) of the Income-tax Act, 1922, and the assessment at the maximum rate was upheld against the assessee. en-us Thu, 10 Dec 1964 00:00:00 +0530 Mon, 26 Feb 2018 17:23:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199342 Trust income was treated as assessable at the maximum rate where the beneficiaries' shares were not finally determinate or known. The court construed "shares" in the proviso to mean a specific and definite portion of income, and held that fixed sums under the deed did not prevent uncertainty because the reserve fund and discretionary use of surplus income could vary the amounts payable from year to year. The case therefore fell within the second limb of the proviso to section 41(1) of the Income-tax Act, 1922, and the assessment at the maximum rate was upheld against the assessee. Case-Laws Income Tax Thu, 10 Dec 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199342