property and assets of the said trust. Therefore, the
said trust was dissolved as per the deed of dissolution dated 27th February ... income filed by the said trust, it has paid maximum
marginal rate of tax being a discretionary trust. The dissolution proceeds
received by the assessee
Trust --Sant Trust was settled by Mrs.
Vinodini C Pratap, mother of the assessee, by Indenture of Trust dated
20th January, 1978. This Trust ... property and assets of
Sant Trust.
1.4 The said trust was dissolved as per the Deed of Dissolution dated
27/2/2007 and the assets
validly constituted public charitable trust, that
perusal of trust deed revealed that there was no dissolution-clause to the effect that trust was
irrevocable, that ... provisions of Bombay
Public Trust Act,1950 , that clause 13(f) of the Trust Deed declared the applicant trust to be
irrevocable for all times
rejection, i.e., absence of an explicit irrevocability or
dissolution clause in the trust deed, cannot be treated as a
specified violation within the meaning ... trust deed contains clause
regarding irrevocability. However, on verification of the trust
deed/MoA, no such clause relating to irrevocability or
dissolution/winding
shown capital gain on the shares received by him on
dissolution of trust, the period of holding of the previous owner i.e.,
Nirmaan Nidhi ... intentionally wrongly tried
to claim the receipt of shares on dissolution of the Trust as devolution and get
away with a period of holding which
Trust Deed. Ld. CIT(E) thus, observed that Trust Deed of the
assessee does not contain clause regarding irrevocability and
dissolution which does not give ... trust to be a revocable trust, power to revoke
the same is essential which must be explicitly expressed in the Trust
Deed
with respect to Irrevocability
of Trust, beneficiary to the trust shall be general public and not any specific
individual, Dissolution of trust and the treatment ... general object and purpose of the Trust for utilizing the Trust Funds and the income
of the Trust Funds for the charitable purpose of BETTERMENT
trust deed contains clause that the trust is irrevocable?" The applicant
has stated "Yes". However, as per the trust deed/MOA, there ... Exemptions), namely, absence of clauses relating to irrevocability
and dissolution in the trust deed, we find that the issue is no longer
res integra
required in a
Trust Deed creating a public trust. In order to determine whether a
particular trust is a public trust within the meaning ... Bombay Public Trusts Act, 1950 and the
settled position of law, a trust is a perpetual trust. The essence of a
trust for public charitable
have any power under the
Trust Deed or under the Maharashtra Public Trusts Act, 1950 to
revoke the trust, dissolve it at will, or distribute ... Whether
the trust deed contains clause that the trust is
irrevocable?". Since, the trust deeds were silent on this
aspect, Respondent
