https://www.taxtmi.com/caselaws?id=293344 The trust deed was construed as creating a vested interest in the corpus, because an interest is treated as vested unless a condition precedent is expressed with reasonable clarity. A mere postponement of enjoyment, or dependence on survival, did not reduce the assessee's right to a spes successionis; a contingent interest remained recognised property capable of transfer. The Court also relied on the intermediate income being applied for the benefit of the assessee and his wife, the general power of appointment, the gift-over provisions, and the absence of any disposition of accumulated income if the assessee died before the appointed date. The assessee's interest was therefore held to be vested and capable of valuation. en-us Thu, 04 Nov 1965 00:00:00 +0530 Fri, 05 Feb 2021 16:15:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293344 The trust deed was construed as creating a vested interest in the corpus, because an interest is treated as vested unless a condition precedent is expressed with reasonable clarity. A mere postponement of enjoyment, or dependence on survival, did not reduce the assessee's right to a spes successionis; a contingent interest remained recognised property capable of transfer. The Court also relied on the intermediate income being applied for the benefit of the assessee and his wife, the general power of appointment, the gift-over provisions, and the absence of any disposition of accumulated income if the assessee died before the appointed date. The assessee's interest was therefore held to be vested and capable of valuation. Case-Laws Income Tax Thu, 04 Nov 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293344