General Rules, that upon winding up or dissolution of the Trust its properties should be transferred to some institution having objects similar to the society ... trust under Section 2(13) by an inclusive definition. In other words, it is a deemed trust. If the society does not exist the trust
assessee trust came into existence under a deed of trust executed on 21st August 1980 with effect from 7th August 1980. The trust along with ... business of the firm was taken over by the trust; and the trust as proprietor of the business, continued to carry on the business upto
trust, such clause was already forming part of the trustdeed. Since this clause
being the central issue, the same reads thus
25 Dissolution/ CDPMM ... made sufficient provision for dissolution, the entire factual context will change.
Having noted the dissolution clause in the trust deed, we are of the opinion
dissolution of Himmatlal Tribhovandas Family Trust.
Copy of the dissolution deed of trust vide Annexure-B is also placed on
record.
2. Mr.Viral Shah ... ORDER
3. Regard being had to the above submission and considering the
dissolution deed at Annexure-B, without prejudice to the rights and
contentions
Trust and accordingly, taxed the Trust. The Trust, all through, had been submitting that the Trust was a specific Trust with six minor beneficiaries, having ... spend accumulations for maintenance, support, education, advancement, etc. till dissolution of the Trust. It had been all through submitted by the Assessee that the Trust
Concededly, the properties of the trust being properties of
the religious trust had vested in such trust. Such a provision,
we have noticed hereinbefore, also ... issued by the Charity Commissioner to the trustees
are binding. Dissolution of a trust, it is not disputed, is a
matter which falls within
ground that in the trust deed of the respondent-trust there
is no provision for dissolution of the trust. However, on appeal,
the learned tribunal ... respondent-trust has stated that as such the
respondent-trust had already applied for amendment in the
trust deed providing "dissolution clause
application for amendment of the trust deed inserting
the dissolution clause has been granted. Hence, for
further clarification that on allowing the application ... Page 1 of 2
O/TAXAP/1147/2013 ORDER
trust deed inserting the dissolution clause to grant
the registration under Section 12AA
application for
amendment of the trust deed inserting the dissolution clause
has been granted. Hence, for further clarification that on
allowing the application ... TAXAP/1147/2013 ORDER
amendment of the trust deed inserting the dissolution clause
to grant the registration under Section 12AA
dissolution of a firm, body of individuals or other association of persons, or bequest under a gift, will or an irrevocable trust; or transfer ... inheritance or devolution, or
(b) on any distribution of assets on the dissolution of a firm, body of individuals or other association of persons
