collection of the income of the Trust
Fund and the remuneration of the trustees and of the members
of the Committee of Management ... collection of
the income of the Trust Fund and the remuneration of the
trustees and of the Committee of Management and the other
costs, charged
Income Tax- Exemption from taxation Agricultural income from
trust properties-Trustee's remuneration a Percentage of such
income and resting on trust deed-Remuneration ... trustee of the institutions
and was to get 15% of the net income of those lands as
trustee's remuneration. Before the income
Deity. It was,
however, contended by the assessee that the remuneration of
the trustees and the allowances to the widows of the de-
ceased trustees ... assessee it
was claimed before the ITO that the remuneration the
trustees and the allowances to the widows of the deceased
trustees as provided
trustees shall be entitled to charge remuneration and be remunerated for rendering service as trustee of these presents out of the income of the trust ... property and the trustees shall pay such remuneration to each of the trustees as may be fixed by them by a unanimous resolution in that
entrusted to him or Them.
16. The original Trustee or Trustees shall not
take any remuneration for discharging his or their
duties ... Trustee or Trustees provided that this
provision shall not preclude a
468
Trustee or Trustees from being paid out of the Trust
fund such remuneration
monies due to (i) the Debenture
Holder and the Debenture Trustee and any remuneration and charges that and
(ii) the Lender and the Security Trustee ... remuneration and charges
that might be payable to the Security Trustee, in accordance with the
Facility Agreement and perform and comply with all the other
Trust
Expenses Account in meeting the charges of collection, the
remuneration of the trustees and the members of the commit-
tee of management and other ... collection of the income of the trust fund
and the remuneration of the trustees and the members of the
committee of management
Industrial Trust
Fund, to be managed by a committee called Trustees. In 1934
the Trustees entered into agreements with two cotton mills
situated ... carrying out the duties of
an employee of the Trustees. He claimed that his
remuneration under the agreement dated December 6, 1938, was
merely salary
trust after deducting from its total income, the remuneration paid to the trustees as expenditure for administering" the trust under Sections ... trust after deducting from its total income the remuneration paid to the trustees constitutes reasonable expenditure for administering the trust under Sections
with interest, liquidated
damages, premia on prepayment,
financing charges, remuneration
payable to the Security Trustee, fees
payable to any Secured Party, costs,
charges expenses ... damages, premia of prepayment, financing charges,
etc., including the remuneration payable to the Security
Trustee. As noted earlier, the appellants are Secured Lenders
within
