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Example:

Value of Investments — income from which does not or shall not form part of income.

To my understanding "does not" means investment which did not yield any income in the current year whereas "shall not" would mean investments which might give returns in future and thus not part of total income. Can one say that investments which do not yield income would not fall in the second category being investments which if yield income shall not form part of income?

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Your interpretation is not correct. Read in plain English, does not implies that 'there is no such possibility', while shall not implies that 'it is not expected to.' This is GR. –  Kris Feb 21 '13 at 7:17
    
"income from which" is not grammatical. Neither is your use of "which if yield". Please correct them so that we can understand what your question actually is. Also, what does the dictionary say re: shall and does? –  coleopterist Feb 21 '13 at 18:22

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In legal writing, the verb "shall" connotes legal agreement by the parties, whereas "does" and "will" do not always do so and will sometimes be used to describe the extant state of affairs, not the state of affairs to which the parties are agreeing. If the example you have posted is from an investment prospectus or a contract, it is likely that the lawyer who wrote it wanted both to describe the distinction between value of investments and income and to cause the reader or party signing to agree to that distinction. Either way, the phrase is badly written and should be improved!

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