https://www.taxtmi.com/caselaws?id=292376 Trust income receivable by a trustee for beneficiaries may be assessed as a single composite income where the properties and business are trust assets and the statute is not confined to any particular source of income. On that basis, assessment of the whole trust income in one assessment was valid. Where the beneficiaries' shares are indeterminate or contingent, the proviso to section 41(1) requires taxation at the maximum rate. The court held that discretionary payments and variable entitlements made the shares unascertainable, and the maximum rate was correctly applied. en-us Fri, 18 Jun 1943 00:00:00 +0630 Mon, 19 Jul 2021 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292376 Trust income receivable by a trustee for beneficiaries may be assessed as a single composite income where the properties and business are trust assets and the statute is not confined to any particular source of income. On that basis, assessment of the whole trust income in one assessment was valid. Where the beneficiaries' shares are indeterminate or contingent, the proviso to section 41(1) requires taxation at the maximum rate. The court held that discretionary payments and variable entitlements made the shares unascertainable, and the maximum rate was correctly applied. Case-Laws Income Tax Fri, 18 Jun 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=292376