https://www.taxtmi.com/caselaws?id=38235 Capital gains from the sale of trust property were not taxable in the trustees' hands at the maximum rate because the beneficiaries' shares were defined and determinate. The trust deed provided fixed shares in the income and corpus, and the supplemental statement showed that the relevant contingency for treating the shares as indeterminate or unknown did not arise. The proviso to section 41(1) of the Indian Income-tax Act, 1922 applies only where beneficiaries' shares are indeterminate or unknown, so it could not be invoked on these facts. Taxation at the maximum rate was therefore unavailable to the revenue. en-us Tue, 09 Dec 1975 00:00:00 +0530 Mon, 05 Apr 2010 11:18:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38235 Capital gains from the sale of trust property were not taxable in the trustees' hands at the maximum rate because the beneficiaries' shares were defined and determinate. The trust deed provided fixed shares in the income and corpus, and the supplemental statement showed that the relevant contingency for treating the shares as indeterminate or unknown did not arise. The proviso to section 41(1) of the Indian Income-tax Act, 1922 applies only where beneficiaries' shares are indeterminate or unknown, so it could not be invoked on these facts. Taxation at the maximum rate was therefore unavailable to the revenue. Case-Laws Income Tax Tue, 09 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38235