2007
Trust Deed. It was pointed out that as per Section 77 (c) of the Indian
Trust Act, 1882, irrevocable Trust can be revoked ... provides for abrogation
of the Trust in question. This Clause reads as under:-
22. Termination of Trust:
22.1 The Trust hereof shall be terminated
regular trust deed executed and was registered as a public charitable trust. A valid public trust once created is irrevocable by any subsequent ... trust. The public trust can be created either in writing or oral also. The trust deed clearly pointed out that the trust was an irrevocable
Contributory Superannuation Benefit (Pension) Trust (hereinafter
referred to as the 'Trust Deed'). It was provided in the Trust Deed that
Signature Not Verified ... Trust (hereinafter referred to as 'the
Commissioner').
2. These presents shall constitute a Trust established in India which
Trust shall be irrevocable
exclusive benefit of his employees under an
irrevocable trust. Then comes clause (va) which deals about
employees‟ contribution in the provident fund
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
capital asset under a gift or will or an irrevocable trust." As already stated, the difference between the full market value of the property
capital assets under a gift or a will or an irrevocable trust. The Tribunal, therefore, held that since the transaction resulted in a charge ... capital asset under a gift or will or an irrevocable trust."
Section 48 lays down the mode of computation of capital gains
exclusive benefits of his
employees under an irrevocable trust. This argument is
plainly incorrect because Section 36 deals with expenditure
deductible from
Tribunal had held that the assets of the trust had been irrevocably vested in the trustees, it held consequently that the income from the assets ... hold the same unto the trustees for ever upon an irrevocable trust with and subject to the terms, powers, provision and declarations mentioned therein. Under
been approved by the Commissioner of Income-tax nor an irrevocable trust has been created by the assessee for the exclusive benefit of the employees
