https://www.taxtmi.com/caselaws?id=21782 Accumulated trust income payable to a minor only on attaining majority was not treated as income immediately receivable by the minor, so no accrual arose during minority. Applying the existing binding precedent, the Karnataka High Court held that such a deferred benefit falls outside the mischief of section 64(1)(iii) read with Explanation 2A of the Income-tax Act, 1961. On that reasoning, the Tribunal was right in cancelling the section 263 order, and the trust income was not includible in the assessee's income. en-us Thu, 05 Sep 1991 00:00:00 +0530 Sat, 28 Nov 2009 16:43:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21782 Accumulated trust income payable to a minor only on attaining majority was not treated as income immediately receivable by the minor, so no accrual arose during minority. Applying the existing binding precedent, the Karnataka High Court held that such a deferred benefit falls outside the mischief of section 64(1)(iii) read with Explanation 2A of the Income-tax Act, 1961. On that reasoning, the Tribunal was right in cancelling the section 263 order, and the trust income was not includible in the assessee's income. Case-Laws Income Tax Thu, 05 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21782