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Documents citing Sri Agastyar Trust vs Commissioner Of Income-Tax, Madras. on 9 March, 1962

Commissioner Of Income-Tax, ... vs Shri Agastyar Trust on 1 November, 1983

Ltd. [1962] 46 ITR 1086 and Sri Agastyar Trust v. CIT [1963] 48 ITR 673 and of the judgments of the Supreme Court in East India Industries (Madras) P. Ltd. v. CIT , indicates that while rendering those decisions, the courts were aware of the fact that the trust has been constituted by a partnership deed, but they proceeded on the basis that the object of the trust has been set out only by the letter document dated July 1, 1944, executed by the trustee and it is only on that basis they have gone into the question as to whether the objects contained therein are charitable or whether they cover non-charitable objects also. According to the learned counsel for the assessee, the trust has in fact been constituted by the partnership deed for the objects set out therein and all those objects are exclusively charitable and, therefore, the character of the trust should be determined only with reference to the terms of the partnership deed and not with reference to the later deed executed by the trustee on July 1, 1944. The learned counsel further contends that the trust deed executed by the trustee expanding the objects of the trust so as to cover non-charitable objects should be taken to be illegal and that even the founder of the trust himself cannot alter the objects so as to make it a non-charitable trust and the attestation by the partners who had founded the trust of the latter document executed by the trustee is of no consequence and it cannot be taken to validate the trust deed.
Madras High Court Cites 26 - Cited by 16 - Full Document

Vellammal Educational Trust vs Assistant Commissioner Of Income Tax on 11 January, 2005

and the funds of the trust. It cannot be the case that merely because building funds collections were not properly evidenced by receipts and controlled, it is not proper to presume that these collections have been siphoned off. At best, it could be viewed as a "system failure" and not as one proving siphoning off of trust funds. The decision cited by the learned counsel of the trust in the case of Thanthi Trust (supra) is squarely applicable. Mere breach of trust by the trustee even if present, cannot be a ground to penalise the trust. It is never in dispute that the assessee-trust was not validly created, nor that its objects, etc. provided for giving some benefits to the trustees. We also find merit in the finding of the CIT(A) during the course of appeal against the order of assessment of the trust that even looking at the issue from a practical point of view, moneys diverted from the trust are loss to the trust and are not available to it. In such circumstances, bringing the impugned amounts to tax would be against the principles of law.
Income Tax Appellate Tribunal - Chennai Cites 29 - Cited by 0 - Full Document

The Dy. C.I.T., Range I vs J And K Small Scale Ind. Dev. Corp. Ltd. on 8 February, 2008

It has been urged that the issue of amendment of Articles of Association of Trust has been put at rest by the Honble Supreme Court in the case of "Sri Agastyar Trust v. C.I.T." 236 ITR 23 (SC), holding, inter alia, that when a chanty had been founded and trusts have been declared, the founder had no power to revoke or vary or add to the trusts; that if a valid and complete dedication had taken place, there would be no power left in the founder to revoke. The learned DM. has thus contended that the order of the learned CIT(A) in this regard is liable to be set-aside and that of the A.O. is entitled to be revived.
Income Tax Appellate Tribunal - Amritsar Cites 18 - Cited by 0 - Full Document
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