exclusive benefit of his employees under an
irrevocable trust". Section 2(5) defines "approved gratuity fund" as "a gratuity fund
which ... prescribe--
(a) the fund shall be a fund established under an irrevocable trust in
connection with a trade or undertaking carried on in India
that employer should not have any control over the funds of irrevocable trust crated exclusively for the benefit of the employees and thus the condition ... employer does not have any control over the funds of the irrevocable trust created exclusively for the benefit of employees.
4. In Income Tax Appeal
that in case
the trust registered with the Sub-registrar as a charitable trust and the
trust being an irrevocable trust, the obvious position shall ... case the trust registered with the Sub-registrar as a
charitable trust and the trust being an irrevocable trust, the obvious
position shall be that
above mentioned documents.
It is clear that the trust has no trust deed.
5. Further the trust has furnished the written submission ... irrevocability as per trust deed. However, the trust is as per
Mumbai Public Trust Act, 1950, hence the trust is irrevocable trust
created for the
exclusive benefit of the employees under irrevocable trust. Since, the
assessee has failed to furnish copy of approval letter, therefore ... that the assessee has
created gratuity fund with LIC under an irrevocable trust. The Department
has not raised any doubt about the contributions made
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
section 47 are transferred under a gift or an irrevocable trust, the market value on the date of such transfer shall be deemed
company or under a transfer to a revocable or an
irrevocable trust etc., the cost of such acquisition of the asset shall be
deemed
exclusive benefit of his employees
under an irrevocable trust. Then comes cl. (va) which deals about employees'
contribution
company
(d) under a transfer to a revocable or an irrevocable trust, or
5
Liladhar R. Tandel
ITA No.959/Mum./2014
