HEICL claim that they acted as trustees pursuant to the oral trust
and have sold these 12,70,000 shares on different dates to employees ... data of the stock exchange.
3. The so-called oral trust in favour of HEICL was an
afterthought for the following reasons:-
(i) Promoter directors
case of the assessee was that his wife had under an oral Trust created for the benefit of herself and here children left ... assessee. He says that he paid it on behalf of the Trust orally created by his wife. Therefore the question is whether he has satisfactorily
manager;
(iv)in respect of income which a trustee
appointed under a trust declaredby a duly
executed instrument in writing whether
testamentary or otherwise [including ... respect of income which a trustee
appointed under an oral trust receives or is
entitled to receive on behalf or for the
benefit
share, in the suit property on the basis of an alleged oral trust created in her favour, by Shri Jai Kishan Dass, her maternal grand ... trust about which pleadings have been made in para 12 of the written statement filed by me was not written. It was only oral
trust being to secure a certain line of legislation, it
would not be a charitable trust.
Bonar Law Memorial Trust v. Commissioners of Inland Revenue ... Conservative
Party. and the fund was donated by an oral trust and a deed
was executed after the death of the donor to secure
objects set out in the deed of trust dated 27-11-1984. The mere fact that the trust deed dated 27-11-1984 has failed ... acceptable as it is well settled that even an oral trust is permissible in the case of creation of a trust. In Fazlhussein v. Mahomedally
assessee. He says that he paid it on behalf of the trust orally created by his wife. Therefore, the question is whether he has satisfactorily
applicability Of that section was that in the case of a trust it must have been declared by a duly executed instrument in writing ... there was no provision in the Act to cover an oral trust, there was no alternative to the department but to apply the principle underlying
beneficiary or beneficiaries and the trust property, is
forwarded to the Assessing Officer,-
(i) where the trust has been declared before ... trust.
Explanation 2.- For the purposes of clause (v), "oral
trust" means a trust which is not declared by a duly
executed instrument
money was received by him impressed with the trust and that trust necessarily was oral in nature. Therefore, the Tribunal is not correct in saying ... trust were sham deeds. In this connection the observations of the Tribunal that "the case of the trust having been originally made orally, therefore
