https://www.taxtmi.com/caselaws?id=272913 Income under a deed of dedication was held not liable to the maximum rate under the first proviso to Section 41(1) of the Income-tax Act, 1922, because the properties had vested in two deities without specified shares and the assessment had consistently treated them as the beneficial owners of the corpus and income. The attempt to characterise the receipt as income for a large and indeterminate class of persons and charities was not accepted, since that basis was not open after the assessment had proceeded on a different footing. On that footing, the income was not indeterminate and the maximum-rate proviso did not apply. en-us Thu, 01 Sep 1949 00:00:00 +0530 Thu, 24 May 2018 14:59:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272913 Income under a deed of dedication was held not liable to the maximum rate under the first proviso to Section 41(1) of the Income-tax Act, 1922, because the properties had vested in two deities without specified shares and the assessment had consistently treated them as the beneficial owners of the corpus and income. The attempt to characterise the receipt as income for a large and indeterminate class of persons and charities was not accepted, since that basis was not open after the assessment had proceeded on a different footing. On that footing, the income was not indeterminate and the maximum-rate proviso did not apply. Case-Laws Income Tax Thu, 01 Sep 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272913