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
exclusive benefit, of his employees under an irrevocable trust;"
"40A. (1) The provisions of this section shall have effect notwithstanding anything ... gratuity fund for the exclusive benefit of his employees under an irrevocable trust, the application for the approval of the fund having been made before
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, debentures or warrants allotted by a
company directly or indirectly to its employees under
any Employees
gratuity fund for the exclusive benefit of its employees under an irrevocable trust and the application for the approval of the fund should have been ... exclusive benefit of his employees under an irrevocable trust."
9. Section 37(1) of the Act provides :
"Any expenditure (not being expenditure
gratuity fund for the exclusive benefit of his employees under an irrevocable trust, the application for the approval of the fund having been made before ... gratuity fund for the exclusive benefit of his employees under an irrevocable trust, the application for the approval of the fund having been made before
relied on case the amount was paid to an irrevocable trust and the applicability of Section 40A(9) has not been gone into. In appeal ... exclusive benefit of his employees under an irrevocable trust.
24. In the present case, the assessee has claimed deduction under clause (v) of Section
capital asset und
under a gift or will or an
irrevocable trust: [Provided
Provided that this clause shall not apply to
transfer under a gift ... irrevocable trust of a capital asset
being shares, debentures or warrants allotted by a company
directly or indirectly to its employees und
under [any Employees
create
thereby a trust, (b) the purpose of the trust, (c) the
beneficiary, and (d) the trust property and (unless the
trust is declared ... trust property which was specified in Schedule "A" to
the Deed of Trust dated 11-4-1961. Though the trust was
irrevocable
create thereby a trust, (b) the purpose of the trust, (c) the beneficiary, and (d) the trust property and (unless the trust is declared ... trust property which was specified in Schedule "A" to the deed of trust dt. 11th April, 1961. Though the trust was irrevocable
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
9/15 211.WP-71-2016.doc
debentures or warrants allotted by a company directly
