https://www.taxtmi.com/caselaws?id=276330 The court affirmed the Commissioner's application of Section 33B of the Indian Income-tax Act, 1922. Regarding the applicability of Section 10(1) versus Section 41 for assessing the trustee's business profits, the court ruled in favor of Section 41. It held that the income should be assessed separately for each beneficiary under Section 41, as trustees are explicitly included in this provision. The court distinguished this from Section 11(1) of the U.P. Agricultural Income-tax Act, emphasizing the direct assessment of beneficiaries under Section 41. The court's decision favored individual assessments under Section 41 for each beneficiary. en-us Fri, 18 May 1962 00:00:00 +0530 Tue, 06 Nov 2018 14:52:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276330 The court affirmed the Commissioner's application of Section 33B of the Indian Income-tax Act, 1922. Regarding the applicability of Section 10(1) versus Section 41 for assessing the trustee's business profits, the court ruled in favor of Section 41. It held that the income should be assessed separately for each beneficiary under Section 41, as trustees are explicitly included in this provision. The court distinguished this from Section 11(1) of the U.P. Agricultural Income-tax Act, emphasizing the direct assessment of beneficiaries under Section 41. The court's decision favored individual assessments under Section 41 for each beneficiary. Case-Laws Income Tax Fri, 18 May 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276330