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1964 (4) TMI 15 - SUPREME COURTWhether by the third proviso to clause (c) of section 16(1), income received by the beneficiaries other than the assessee is income arising to them by virtue of a settlement which is not revocable for a period exceeding six years, and from which income the assessee derives no benefit direct or indirect? Held that:- The High Court was, therefore, right In holding that by virtue of the third proviso to section 16(1)(c) of the Indian Income-tax Act, 1922, the income received by the beneficiaries under the deed of trust other than the assessee could not, until the power of revocation arose to the assessee, be deemed to be the income of the assessee for the purpose of assessment to income-tax. Appeal dismissed.
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