transfer of a capital
asset and a gift or Will or irrevocable trust. Therefore, the AO brought the
transactions to tax under the head capital ... transfer of the capital asset under a gift or Will or irrevocable trust
(iv) ....."
vi) There were no monetary consideration either received or paid
Dcit Corporate Circle 5(1), Chennai vs Repco Home Finance P Ltd., Chennai on 17
exclusive benefit of his employees
under an irrevocable trust. Then comes clause (va) which deals about
employees' contribution in the provident fund
section 47 are transferred under a
gift or an irrevocable trust, the market value on the date of such
transfer shall be deemed
assessee first of all argued
that the assessee's Trust is a revocable trust and it is to be assessed
as an AOP at maximum ... itself clearly state that as per clause 29 it was an irrevocable Trust which
would come to an end only when all the contributors
capital asset under a gift or a will or an irrevocable trust is not regarded
as transfer. Therefore, the above specific provision (47(iii) will ... above relinquishment of road is nothing but transfer under an irrevocable trust. In
this regard, the moment the road portions are laid out and shown
capital asset under a gift, or will or an irrevocable trust
does not attract long term capital gain as the provision
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
Tamil
Nadu. All the State Transport Corporations are signatories to the
Trust Deed for setting up of joint State Transport Employees
Pension Fund Scheme ... gratuity fund for the exclusive benefit of its employees under
on irrevocable trust. The CIT in proceedings u/s.263 raised similar
objection that
Tamil Nadu. All the State Transport
Corporations are signatories to the Trust Deed for setting up of joint
State Transport Employees Pension Fund Scheme ... gratuity fund for
the exclusive benefit of its employees under on irrevocable trust. The
CIT in proceedings u/s.263 raised similar objection that
