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"Point No. 15: Your Deed/Memorandum of Association does not have a clause that the beneficiaries are a section of the public and not specific individuals. Please include this clause in your Trust Deed/Memorandum of Association and file a certified copy of the amended Trust Deed/Memorandum of Association.

Point No. 16: Your Trust Deed/Memorandum of Association does not have any clause providing that in the event of dissolution of Trust/Society/Non Profit Company, the funds/assets of the Trust/Society/Non Profit Company will be transferred only to some other Trust/Society/Non Profit Company having similar objectives. Please include this clause in your Trust Deed/ Memorandum of Association and file a certified copy of the amended Trust Deed/ Memorandum of Association."

21. In addition to the above, we also note that the Hon'ble Bombay High Court in the case of CIT (Exemptions) Vs. Setco Foundation (supra) has held that it is not necessary to have the winding up clause in the trust deed. The relevant extract of the order reads as under :

"4. The impugned order of the Tribunal allowed the respondent's assessee's appeal by interalia holding that the absence of dissolution clause in the trust deed would not bar the registration of the Trust under Section 12AA of the Act. The issue to be considered for registration is the object of the Trust and genuineness of its activities. The impugned order also makes reference to Section 55 of the Bombay Public Trust Act 1950 which provides for the contingency of absence of dissolution clause in the trust deed.