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1938 (11) TMI 17 - HC - Income TaxExtract: .......he subject where it is found. If the income is found with the beneficiary, then the beneficiary is primarily liable to be taxed, and if the income is found with the trustee, then it is the trustee who is liable. I agree, therefore, that the question should be answered in the way proposed by My Lord the Chief Justice. Reference answered accordingly.
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