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22. The second question relates to the maximum tax levied on the income in the hands of the trustees under Section 41(1) of the Act. The total income of the fund is Rs. 1,263. As the same is below the minimum limit, ordinarily, it would have been exempt from tax. Counsel on behalf of the assessee contended that if this trust deed was void the trustees should be assessed as individuals in their own right and they cannot be assessed at the highest rate under Section 41, Sub-section (1). That argument cannot be accepted because Section 14 of the Transfer of Property Act does not invalidate the settlement as a private settlement for the life of the beneficiaries in existence at the date of the transfer. Those beneficiaries are determined but having regard to the words used in Clause (12) of the scheme it cannot be stated that the beneficiaries have any specified interest. The trustees are given power to select out of those eligible persons scholars to whom they would give scholarships, and the amounts of the scholarships are also left, under Clause (12), to their discretion. They are at liberty to reduce the amount or group together several scholarships and make it into one scholarship for an individual scholar. Under the circumstances the case clearly falls under Section 41(1). It was argued that on the exercise of discretion by the trustees the names and shares of the beneficiaries will get determined. That however is a wrong approach, because the question is not about the position arising after the trustees have exercised their discretion, but whether on a perusal of the trust deed the beneficiaries and their individual shares can be determined. I therefore think that the Tribunal was right in its conclusion and the answer to the second question should be in the affirmative.