Revocation of trust.
- A trust created by will may be revoked at the pleasure of the testator. A trust otherwise created can be revoked only ... author of the trust; or (c) where the trust is for the payment of the debts of the author of the trust
trust deed for the settlor to reassume the trust property or any income therefrom that could make the trust revocable and not merely the fact ... income of the trust in the hands of the settlor in case the trust is a revocable one. Section 62 provides exceptions in certain cases
revocable trust. If the trust created or purported to be created by the document dated 18th May, 1972, was a revocable trust the steps taken ... revocable trust cannot be, at the same breath, called a void trust because a void trust is a trust which is non-existent
income from the said trusts, viz., M. C. Shyamala Marriage Benefit Trust and M. S. Sowmiyaram Marriage Benefit Trust. Similarly, for the asst ... trust fund was retransferred for the benefit of the settlor in case the trust fails, the trust would become a revocable trust. In such
whether the
appellant being a revocable Trust, income of the Trust is assessable in the
hands of the Trust or Contributors. In this regard ... Milestone Army Navy Trust .
5.8 In view of the above discussion, I hold that the appellant trust being a
revocable Trust, income is taxable
correctly observed that the assessee is a
valid trust.
(B) Holding the trust as a non-revocable trust:
(i) As observed ... Bench of ITAT in Milestone Army Navy Trust
(supra) we hold that the assessee Trust is a revocable Trust and
contribution by beneficiaries
private
revocable trust under the Trust Act and trust is a contributed trust set up under the
trust deed as a contributory revocable trust. Though ... trust is a
private revocable trust and trust is contributed trust set up under the trust deed
as contributory revocable trust. Though the trustees hold
trusts were in fact private trusts and not at all public trusts or charitable trusts. The language used in the trust deeds and construction ... trusts and the five trust deeds were private trusts and not trust for religious or charitable purpose. In the trustees of Gordhandas Govindram Family Trust
explicit
"irrevocability clause" in a trust deed renders a public charitable trust
"revocable" in law, thereby justifying the rejection ... 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
requirement of the Act that the trust deed
should state specifically that the Trust is revocable in nature and a clause
which provides ... virtue of a Trust deed.
3. The CIT(A) has erred in holding that the assessee trust , is
a revocable trust and it need
