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1966 (10) TMI 51 - SUPREME COURTWhether, on the facts and in the circumstances of the case, the inclusion, in the estate of the deceased, of the amount of ₹ 10,43,050 being the trust fund, was justified in law ? Held that:- The High Court was right in holding that though the shares were not to be delivered over to Manubhai until he attained the age of twenty-five years, the shares belonged to him since the execution of the deed of trust, and he was also beneficially entitled to the income from the shares; that his interest in the shares and the income was not an estate in remainder or reversion, nor was his interest a future interest; and that he was presently entitled to the whole income of his one-half share in the said 160 shares and after provision of maintenance and advancement, if any surplus remained, it was to be accumulated and he was the beneficial owner of the accumulation of such surplus income and but for clause 5 he could dispose it of as he willed, and if he died it was heritable by his heirs. Appeal dismissed.
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