https://www.taxtmi.com/caselaws?id=38999 A release deed by a prior beneficiary was treated as a relinquishment of the entire trust interest, not as a transfer, assignment or encumbrance. Because the trust deed did not confine the ulterior gifts to the prior beneficiary's natural death alone, the surrender accelerated the interests of the subsequent beneficiaries and made their shares determinate. On that basis, the condition for applying the maximum rate under section 41(1) of the Indian Income-tax Act, 1922 was not satisfied, and the trustees were not liable to be assessed at the maximum rate. en-us Wed, 14 Jul 1976 00:00:00 +0530 Sat, 10 Apr 2010 18:14:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38999 A release deed by a prior beneficiary was treated as a relinquishment of the entire trust interest, not as a transfer, assignment or encumbrance. Because the trust deed did not confine the ulterior gifts to the prior beneficiary's natural death alone, the surrender accelerated the interests of the subsequent beneficiaries and made their shares determinate. On that basis, the condition for applying the maximum rate under section 41(1) of the Indian Income-tax Act, 1922 was not satisfied, and the trustees were not liable to be assessed at the maximum rate. Case-Laws Income Tax Wed, 14 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38999