respect of income which a trustee appointed under an oral trust receives or is entitled to receive on behalf or for the benefit ... trust. Explanation 2. - For the purposes of clause (v), "oral trust" means a trust which is not declared by a duly executed instrument in writing
under this Act are held by a trustee under an oral trust, the wealth-tax shall be levied upon and recovered from such trustee ... revenue. Explanation.-For the purposes of this sub-section, "oral trust" means a trust which is not declared by a duly executed instrument in writing
Income Tax Act, 1961
164A. [ Charge of tax in case of oral trust. [Inserted by Act 16 of 1981, Section ... behalf or for the benefit of any person under an oral trust, then, notwithstanding anything contained in any other provision of this Act, tax shall
oral trusts of Sch. I are discretionary trusts, the assessee-trust also becomes a discretionary trust. Well, if those trusts are discretionary trusts, then ... cases of main trust.
The aforesaid trusts are also like the main trusts such as Neo trust, Bharat trust, etc. The Bombay Bench also
subsequently mentioned oral discretionary family trusts were three minors.
4. The assessee-trust (Neo Trust) was created by trust deed dt. 31st Dec., 1979. Some ... Zala Oral Specific Family Trust) was a specific trust. It was not a discretionary trust. The beneficiaries of this trust were three individuals of which
subsequently mentioned Oral Discretionary Family trusts were three minors.
4. The assessee-trust (Neo Trust) was created by trust deed date 31-12-1979. Some ... Zala Oral Specific Family Trust) was a specific trust. It was not a discretionary trust. The beneficiaries of the trust were three individuals of which
28th June, 1988, to assess the escaped income of the oral trust. The notices so issued under Section 148 to the assessee ... vide his letter dt. 24th Dec., 1993, to be 'oral trust in reply to the assessee's letter dt. 20th
manager;
(iv) in respect of income which a trustee appointed under a trust declared
by a duly executed instrument in writing whether testamentary or
otherwise ... respect of income which a trustee appointed under an oral trust
receives or is entitled to receive on behalf or for the benefit
sections 3 , 77 & 78 of the Indian Trusts Act, 1882 establishes that:
(i) trusts, oral and written, are contemplated in Indian law; (ii)
statutory ... trust (distinct from the framework of a discretionary trust); and, (v)
upon the exercise of power of revocation in relation to a Trust, the
trust
words of mouth. There are two varieties of trusts - (i) written trusts and (ii) oral trusts. The oral trust has been recognized by the Income ... cash, being corpus of the trust. Under the general law of trusts, a trust may be written or oral. The oral trust is recognized
