exclusive benefit of his employees under an irrevocable trust" shall be allowed as deduction while computing the business income. Sub-section (7) in section ... conditions, viz., (i) that the fund shall be established under an irrevocable trust; (ii) that its sole purpose shall be the provision of gratuity
exclusive benefit of his employees under an irrevocable trust."
22. Section 40A(7) (a) , (b) (i) reads as under :
"40A. Expenses or payments
settlor can
derive some direct or indirect benefit under a trust deed, the trust deed
would fall within the first proviso", by observing that ... within the mischief of the first proviso and make the apparently irrevocable trust a revocable one. The reason is clear. The clause itself makes
constitution of the gratuity fund. The assessee has got an irrevocable trust deed dated December 16, 1972, executed, under which to constituted a "gratuity ... exclusive benefit of this employee under an irrevocable trust is to be deducted in computing the income chargeable tax. Section 40A (1) postulates that
capital asset under a gift or will or an irrevocable trust."
Section 48 :
" The income chargeable under the head ' Capital gains
setting up or formation of, or as contribution to, any fund, trust, company, association of persons, body of individuals, society registered under the Societies Registration ... exclusive benefit of his employees under an irrevocable trust.
7. Admittedly, the payments in question do not fall either under Clause (iv) or Clause
term RFP and that Mr. Patel was settler of an irrevocable family trust refereed to as 'JT 484', but the information provided ... claimed by the petitioner that Mr. Patel was settler of an irrevocable family trust referred to as 'JT-484' created in the Island
corpus of the trust. The decision in Princess Usha Trust v. CIT referred to a case where after distributing the trust property nothing remained ... consider the provisions of the trust deed which clearly indicate that the trust is non-discretionary and irrevocable. The main object of the trust appears
defined in RFP) and that Mr. Patel was settler of an irrevocable family trust referred to as 'JT-484'. In short ... Patel is a 'promoter' who was settler of an irrevocable Family Trust, referred to as 'JT-484'. It is contended
charge of supervision. Documentary evidence has been filed by the Port Trust which shows that the amount payable in DM including ... import license dated June 5, 1968, taken out by the Port Trust and irrevocable letters of credit dated
