https://www.taxtmi.com/caselaws?id=39925 A beneficiary was held to have an interest in possession where the trust deed entitled him to the shares and accumulated income from the date of settlement, even though actual transfer was postponed until he reached twenty-five. The trustees' power to apply income for maintenance and advancement, and to accumulate the balance for his benefit, did not defer vesting of the beneficial interest. Because the interest had already vested in possession, the property did not fall within the exemption for settled property whose interest fails before becoming an interest in possession. The shares and accumulated income were therefore property passing on death and were correctly subjected to estate duty. en-us Fri, 28 Oct 1966 00:00:00 +0530 Fri, 01 May 2015 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39925 A beneficiary was held to have an interest in possession where the trust deed entitled him to the shares and accumulated income from the date of settlement, even though actual transfer was postponed until he reached twenty-five. The trustees' power to apply income for maintenance and advancement, and to accumulate the balance for his benefit, did not defer vesting of the beneficial interest. Because the interest had already vested in possession, the property did not fall within the exemption for settled property whose interest fails before becoming an interest in possession. The shares and accumulated income were therefore property passing on death and were correctly subjected to estate duty. Case-Laws Income Tax Fri, 28 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39925