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1965 (4) TMI 13 - SC - Income TaxWhether the provisions of section 41 of the Income-tax Act, 1922 can be said to apply to the assessees in this case ? Held that:- In terms of section 41 of the Act the nattamaigars are the managers of the properties on behalf of others and are entitled to receive the income therefrom on behalf of them. With the result, the income which they hold on behalf of the kasupangudars can be assessed only in their hands in the manner prescribed thereunder. The High Court has rightly answered the question referred to it in the affirmative and in favour of the assessee that the managing trustee qua the surplus income managed the property and derived the income on behalf of the kasupangudars and that the assessment should be made on the said managing trustee to the extent of the interest of each of the kasupangudars in the income received by him . Appeal dismissed.
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