https://www.taxtmi.com/caselaws?id=37032 The court ruled in favor of the assessee, holding that the income from the trusts should not be included in the settlor's income under Section 64(v) of the Income Tax Act. The court determined that the beneficiaries' interest in the trust income was contingent, not vested, and that the term "deferred benefit" under Section 64(v) did not apply as the benefit was contingent upon the children attaining majority. The court concluded that the income, when distributed to the sons upon reaching majority, would lose its income character, making Section 64(v) inapplicable. en-us Thu, 05 Oct 1978 00:00:00 +0530 Fri, 26 Mar 2010 10:52:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37032 The court ruled in favor of the assessee, holding that the income from the trusts should not be included in the settlor's income under Section 64(v) of the Income Tax Act. The court determined that the beneficiaries' interest in the trust income was contingent, not vested, and that the term "deferred benefit" under Section 64(v) did not apply as the benefit was contingent upon the children attaining majority. The court concluded that the income, when distributed to the sons upon reaching majority, would lose its income character, making Section 64(v) inapplicable. Case-Laws Income Tax Thu, 05 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37032