https://www.taxtmi.com/caselaws?id=277213 A will that postpones distribution of the residue until the deaths of named legatees, without a present gift of the residue, leaves the residuary interest contingent and the estate unvested during that period. On that construction, the executor continues to hold the estate, and money retained in the business under the testator's direction remains estate money rather than the executor's own capital. Interest charged on such retained funds is therefore treated as interest on borrowed capital and is deductible in computing business profits under section 10(2)(iii) of the Indian Income-tax Act, 1922. en-us Fri, 08 Nov 1946 00:00:00 +0530 Thu, 29 Nov 2018 10:49:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277213 A will that postpones distribution of the residue until the deaths of named legatees, without a present gift of the residue, leaves the residuary interest contingent and the estate unvested during that period. On that construction, the executor continues to hold the estate, and money retained in the business under the testator's direction remains estate money rather than the executor's own capital. Interest charged on such retained funds is therefore treated as interest on borrowed capital and is deductible in computing business profits under section 10(2)(iii) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Fri, 08 Nov 1946 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277213