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3. Trust created on 8 - 2 - 52with Imperial Bank ofIndia (S.B.I.) 3% N.G.P. notes O.S. 31,000 3% N.G.P. notes O.S. 69,000 1,331

4. Trust created on 9-12-52 with I.B.I. 21/2% N.G.P. notes 11,000 3% N.G.P. notes 31,000 3% G.O.I, loan 7,100

5. Trust created on 13 - 5-53 with I.B.I. 3% N.G.P. note 10,600 21/2 N.G.P. notes 25,600 21/2% N.G.P. notes 28,200 3% conversion loan 1,500

7. In all the five trusts the settlor, namely, the assessee himself, was one of the two trustees. In the first two trusts the 9ther trustee is the Central Bank and in the last three trusts the other trustee is the Imperial Bank of India. The first trust deed consists of four schedules of properties. As provided under Clauses 3, 4, 5, 6 and 7 of the trust deed the, net income derived from the properties mentioned in the schedules 1 and 2 should be paid to the settlor (assessee) for his life and thereafter the net income should go to his daughters and grand-children and with regard to the properties mentioned in schedules 3 and 4 the net income thereof should be paid to the settlor for a period of 14 years and after 14 years or the death of the settlor whichever event happens first the trustees should hand over those properties (securities) mentioned in schedules 3 and 4, respectively, to his two daughters for the purpose of utilising the same for the marriages of their daughters and if any of his daughters happens to die during the lifetime of the settlor the trustees should hand over the trust properties to the settlor himself or if he be not alive to the fathers of the grand-daughters of the settlor on the condition of their employing the same for the purposes of the marriages of the grand-daughters.