https://www.taxtmi.com/caselaws?id=272913 Whether income under an unqualified deed of dedication to two deities is taxable at the maximum rate under the first proviso to the Income-tax Act was resolved by applying the principle that an unqualified dedication vests both corpus and income in the deities as co-owners in equal shares. The court held that managers (shebaits) realise income on behalf of the deities and their subsequent discretionary payments do not render the deities' shares indeterminate; accordingly the income is not chargeable at the maximum rate under the proviso. 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 Whether income under an unqualified deed of dedication to two deities is taxable at the maximum rate under the first proviso to the Income-tax Act was resolved by applying the principle that an unqualified dedication vests both corpus and income in the deities as co-owners in equal shares. The court held that managers (shebaits) realise income on behalf of the deities and their subsequent discretionary payments do not render the deities' shares indeterminate; accordingly the income is not chargeable at the maximum rate under the proviso. Case-Laws Income Tax Thu, 01 Sep 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272913