seen that trust was under administrative control of Government of Punjab but
has never lost its existence as trust. In-fact, these trust have, been ... from the trust fund itself and even the trust was allowed
to incur expenditure on various contingencies; that thus, though the
trust was under
assessee trust. First reason given by her reads as
follows :
"a) The Trust Deed has not provided for a
dissolution clause ... Assets and liabilities accrued by trust, all its branches
and institutions will be property of the trust .If the trust
fail due to some
assessee-trust or any other charitable trust registered
under Section 12AA and recognition under Section 80G of the Act or any
other trust, society having ... appellant trust furnished the details on 4.11.2015. The
trust has irrevocability clause and it is mentioned in the trust
going through the Trust Deed submitted by the
applicant Trust, dissolution clause was found to be as
follows:-
"In case of dissolution of Trust ... clause does not mention about the majority who
will decide the dissolution of trust. Hence the Deed of
the Trust is found to be defective
registered amended Trust Deed wherein the
clause as to distribution of movable and immovable assets of
the Trust upon its dissolution has been amended ... registered amended trust deed with a
clause for distribution of movable and immovable assets of trust upon its
dissolution, we are of the considered opinion
Bombay
Public Trust Act and settled position of law, a trust is a perpetual trust. In case the
activities of the trust cannot be carried ... specifically mentioned in the Trust
Deed, that the assessee trust will be a perpetual trust and in case of
dissolution, the asset(s) will
trust. Further he has
also drawn our attention to the trust deed to demonstrate
that there is a clause for dissolution of the trust ... contents of the trust deed
5
ITA.No.277 & 278/Hyd/2015
Prashanth Memorial Trust, Hyderabad.
particularly the clause for dissolution of the trust
ready to file or rectify the
clause relating to dissolution of the trust in the Trust Deed.The Ld. A.R. also
submitted that ... contained certain mistakes. He stated that the clause relating to
dissolution of the trust in the Trust deed was absent and therefore
laid down in its trust
deed and is registered under Bombay Public Trust Act,1950 . The said
Trust is also registered u/s 12AA ... object clause in the Trust
deed. Even on dissolution of the Trust there is a bar on distributing the
funds/properties available at the time
that there is no
dissolution clause in the memorandum of trust. The absence of
dissolution clause in the memorandum of the institution is only ... find any dissolution clause in the
memorandum of the trust and declining the registration also relied upon
the report of the ITO (Exemption), Amritsar. Crux
