https://www.taxtmi.com/caselaws?id=276723 A managing trustee appointed under a court-framed scheme can fall within section 41 of the Income-tax Act, 1922, because the appointment is referable to the court's order and not merely to a private arrangement. The provision extends to a manager appointed by or under an order of court, and it is aimed at fastening liability where a person manages property or income on behalf of identifiable beneficiaries. Where the trustee controls surplus income for beneficiaries with definite and ascertainable shares, the trustee is treated as managing that income in a representative capacity. Section 41 therefore applied on these facts. en-us Tue, 04 Apr 1961 00:00:00 +0530 Fri, 16 Nov 2018 14:16:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276723 A managing trustee appointed under a court-framed scheme can fall within section 41 of the Income-tax Act, 1922, because the appointment is referable to the court's order and not merely to a private arrangement. The provision extends to a manager appointed by or under an order of court, and it is aimed at fastening liability where a person manages property or income on behalf of identifiable beneficiaries. Where the trustee controls surplus income for beneficiaries with definite and ascertainable shares, the trustee is treated as managing that income in a representative capacity. Section 41 therefore applied on these facts. Case-Laws Income Tax Tue, 04 Apr 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276723