company or under a
deed of gift, or transfer on irrevocable
trust, its actual cost allowable to him for
the purposes of this section shall
fulfilled. As no approved gratuity fund has been created under an irrevocable trust, deductions as claimed cannot be allowed. In the return, the assessee
employer should not have any control
over the funds of the irrevocable trust created exclusively for the benefit of the
employees. In the instant case
capital asset under a gift or will or an irrevocable trust; ......... "
30. This section would apply only if there was a transfer of capital
trust or an institution, being profits and gains of business, unless
(a) the business is carried on by a trust wholly for public religious purposes ... exemption. In 1957, the settlor
executed a supplementary deed making the trust irrevocable. On 28.07.1961
another supplementary deed was executed which directed that the trust
company, or
(d) under a transfer to a revocable
or an irrevocable trust, or
(e) under any such transfer as is
referred to in clause
company, or
(d) under a transfer to a revocable
or an irrevocable trust, or
(e) under any such transfer as is
referred to in clause
under a deal
of gift, bequest, will or transfer on
irrevocable trust shall not, for the, purposes
of this section, be treated as sale, exchange
employer should not have any control
over the funds of the irrevocable trust created
exclusively for the benefit of the employees. In the
instant case
clearly to ensure that the fund is established under an irrevocable trust for the benefit of the employees of any establishment or undertaking
