https://www.taxtmi.com/caselaws?id=39627 A trust deed must be construed on its own language, and not by importing tenancy in common under Dayabhaga law, where the instrument instead creates distinct maintenance and education benefits and directs surplus income to be accumulated for the trust fund. Because clause (1)(i) did not assign any equal or defined fraction of income to the immediate beneficiaries, their shares were indeterminate. The first proviso to section 41(1) of the Indian Income-tax Act, 1922 therefore applied, and assessment on that basis was upheld in favour of the Revenue. en-us Mon, 23 Dec 1974 00:00:00 +0530 Mon, 19 Apr 2010 12:03:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39627 A trust deed must be construed on its own language, and not by importing tenancy in common under Dayabhaga law, where the instrument instead creates distinct maintenance and education benefits and directs surplus income to be accumulated for the trust fund. Because clause (1)(i) did not assign any equal or defined fraction of income to the immediate beneficiaries, their shares were indeterminate. The first proviso to section 41(1) of the Indian Income-tax Act, 1922 therefore applied, and assessment on that basis was upheld in favour of the Revenue. Case-Laws Income Tax Mon, 23 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39627