https://www.taxtmi.com/caselaws?id=37632 A perpetual annuity paid by the State under the Bihar Land Reforms Act, 1950 in place of trust property income retains the character of income, because the statutory scheme treats it as a continuation of the trust's net income rather than a capital payment in instalments. The text also states that 15% of net income treated as trustee remuneration remains includible where the deed does not divest the right at source and the amount is only redirected after accrual, not diverted by overriding title; the Act's explanation permits such remuneration within the prescribed ceiling for religious or charitable trusts. en-us Wed, 17 Jan 1979 00:00:00 +0530 Wed, 31 Mar 2010 10:53:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37632 A perpetual annuity paid by the State under the Bihar Land Reforms Act, 1950 in place of trust property income retains the character of income, because the statutory scheme treats it as a continuation of the trust's net income rather than a capital payment in instalments. The text also states that 15% of net income treated as trustee remuneration remains includible where the deed does not divest the right at source and the amount is only redirected after accrual, not diverted by overriding title; the Act's explanation permits such remuneration within the prescribed ceiling for religious or charitable trusts. Case-Laws Income Tax Wed, 17 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37632