https://www.taxtmi.com/caselaws?id=39927 A valid trust vests the property in the trustees, and the trust income is not the beneficiary's income. After the beneficiary validly surrendered her beneficial life interest and rent-free occupation rights, those rights ceased under the trust deed. The remaining trust purpose was the charitable application or accumulation of the income, so the income accruing from 21 July 1955 onwards fell within the charitable exemption. The Court held that the income from the trust properties was exempt from income-tax under the relevant charitable provision, and the appeals failed. en-us Mon, 31 Oct 1966 00:00:00 +0530 Tue, 12 Aug 2014 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39927 A valid trust vests the property in the trustees, and the trust income is not the beneficiary's income. After the beneficiary validly surrendered her beneficial life interest and rent-free occupation rights, those rights ceased under the trust deed. The remaining trust purpose was the charitable application or accumulation of the income, so the income accruing from 21 July 1955 onwards fell within the charitable exemption. The Court held that the income from the trust properties was exempt from income-tax under the relevant charitable provision, and the appeals failed. Case-Laws Income Tax Mon, 31 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39927