disregard the trust and treat the expenditure relating to the trust and fund maintained by the trust as belonging to the company which had made ... unutilised amount is concerned, the trust deed becomes a revocable trust and does not remain irrevocable.
24. The second limb of sub-section
wealth of the assessee.
2. The assessee is an irrevocable trust set up by M/s. Carborandum Universal Ltd. for the welfare of its employees ... deduction. Instances have come to notice where certain employers have created irrevocable trusts, ostensibly for the welfare of employees, and transferred to such trusts substantial
meeting held on 31-12-1976:
Resolved that an irrevocable trust under the name and style of Goetze (India) Ltd. Employees' Welfare Trust ... handed over to the trustees to be held under an irrevocable trust instituted on 31-12-1976 itself for the welfare of the employees
year ended 30th
September 1980, the assessee company established 33 irrevocable trusts
to provide medical benefits, scholarships and educational assistance and
for the general welfare ... view of the
fact that contributions were made to an irrevocable trust fund. But for the
amendment in Section
Trust Deed. The Trust Deed of the
assessee trust has never been amended. The trust is an irrevocable
trust. Section ... Trust Deed. The AO referred the Hindi
Translation of the Trust Deed and not the Original Trust Deed. The
Original Trust Deed clarifies that
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 ... answer on the
question of "Whether the Trust Deed contains clause that the trust is
irrevocable?" in either
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
where the question mentioned is "whether the Trust Deed contains
clause that the trust is irrevocable?" to which the assessee had furnished ... response to the question "Whether the Trust
Deed contains clause that the trust is irrevocable?" is false or incorrect
information constituting specified violation
irrevocability as well as revocability of the trust. A trust which has been declared to be irrevocable cannot again become revocable. So the provision making ... revocable trust had been made into an irrevocable trust. The trust in both the circumstances remained irrevocable. The trust deed before it was supplemented provided
recited Clause 15 of the said deed of trust stands revoked and the said trust is irrevocable.
5. Save as altered and varied by these ... trust,
(ii) The purpose of the trust,
(iii) The beneficiaries,
(iv) The trust property, and
(v) The settlor must transfer the trust property
