called the "Aryavart Bank (Employees') Pension Fund" under an irrevocable trust within one hundred twenty days from the notified date. (2) The Fund shall have
Prathama U.P. Gramin Bank (Employees') Pension Fund" under an irrevocable trust within one hundred twenty days from the notified date. The Fund shall have
Indian Trust Act as well as Rajasthan
Public Trust Act, 1959 . Other than the dissolution clause we find that the
Trust Deed provides irrevocable nature ... 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
Sucharitha Nagarajan 2009 Family Recoverable
Trust and further this trust is revocable one. Hence the income
pertaining to this trust was offered by the assessee ... observed that the two trusts were formed as
revocable trusts only in 2009, but they were converted into irrevocable
5 ITA No.1803/Bang/2017
exclusive benefit of his employees under an irrevocable trust".
We have also carefully gone through the provisions of sec. 37 of
the Income
states that the Bank
shall constitute a fund under an irrevocable trust within the
specified period to provide for payment of pension/family
pension
towards setting up of or formation
of or contribution to any fund, trust, company etc. except where such sum is
paid for the purposes ... deduction.
Instances have come to notice where certain employers have created
irrevocable trusts, obstensibly for the welfare of employees, and transferred
to such trusts substantial
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
company, or under a transfer to a revocable or an irrevocable trust, or under
any such transfer as is referred to in certain clauses
deduction. Instances have come to notice
where certain employers have created
irrevocable trusts, obstensibly for the welfare
of employees, and transferred to such trusts
substantial
