Supreme Court of India
Commissioner of Wealth Tax, Rajkot v. Estate of Late Hmm Vikramsinhji of Gondal
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From the headnote
Income Tax Act, 1961/Wealth Tax Act - Income from Foreign Trust - Tax liability of the sett/or of the Trust - Held: In view of the facts of the case, the character of the trust is discretionary and not specific - The discretionary trust gives discretion to the trustee to distribute the income of the tn1st to trust-beneficiaries - But if the trustees fail to distribute in due time, the power to distribute is not extinguished - In the present case, merely because the income has been retained' and not disbursed to the beneficiaries because th?J seWor failed to appoint the discretion exercisers,
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