Charitable Trust only
in November, 1965 and the Trust came to be registered
under the Bombay Public Trusts Act, 1950 as Public
Charitable Trust late ... trust. The trust property has to be applied by the trustees in terms of the
Trust Deed. Thus, when the Trust Deed does not contain
provision which applies only to trust which are revocable and not to trusts which are irrevocable but only deemed to be revocable under the first ... separate trusts and not one trust as held by the Tribunal. If our construction of the trust deed is correct, the trust of Dr. Kohiyar
irrevocable trust in fact into a revocable trust for the purpose of this clause. The third proviso deals with revocable trusts ... convert an irrevocable trust into a revocable trust by a legal fiction. In order to convert what in fact is an irrevocable trust into revocable
capital asset under a gift or will or an
irrevocable trust:
Provided that this clause shall not apply to transfer under a
gift ... irrevocable trust of a capital asset being shares,
Gauri Gaekwad
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debentures or warrants allotted by a company directly
exclusive benefit of its employees under an irrevocable trust alone was admissible. Any allowance of such liability towards an unapproved gratuity fund under section ... exclusive benefit of his employees under an irrevocable trust. This argument is plainly incorrect because section 36 deals with expenditure deductible from
income of that trust, for the purposes of this section that trust is deemed to be an irrevocable trust. Although it is revocable, the fact ... whole object of the third proviso is to consider a revocable trust irrevocable provided that the settlor enjoys no benefit whatever in the income
capital asset under a gift or will or an
irrevocable trust. However, as per the proviso, this clause shall not apply
to transfer under ... gift or an irrevocable trust of a capital asset being
shares, debentures, etc. allotted by a company, directly or indirectly to its
employees under
clearly to ensure that the fund is established under an irrevocable trust for the benefit of the employees of any establishment or undertaking
company or under a deed of gift, or transfer on irrevocable trust, its actual cost allowable to him for the purposes of shall apply accordingly ... capital asset under a gift or will or in irrevocable trust, etc.,
15. Section 48 has for its margin the expression "Mode of computation
exclusive benefit of his
employees under an irrevocable
trust ;
Section 37(1) reads as follows :
General :
37(1)Any expenditure (not being
expenditure
