about the Trust as also schedule A
of property. Article 8 of the Trust Deed notes:-
"Article Eight
Distribution of Trust upon Death ... this, the Shanta Sharma Revocable Trust."
Schedule A
"SCHEDULE OF TRUST ASSETS
SHANTA SHARMA REVOCABLE TRUST
1. All real property owned by Grantor
2007
Trust Deed. It was pointed out that as per Section 77 (c) of the Indian
Trust Act, 1882, irrevocable Trust can be revoked ... provides for abrogation
of the Trust in question. This Clause reads as under:-
22. Termination of Trust:
22.1 The Trust hereof shall be terminated
Trust is not carrying on any business
activity, the shares of the beneficiaries are determined and hence the
trust is a revocable Trust ... call upon the
Trust to cancel any units held by them and return the value. Therefore,
the trust is revocable trust and squarely covered
being the settlor, also the sole beneficiary of the trust. This trust
is a revocable and determinable trust.
5 The following provisions of the Deed ... Trust. The Deed of Settlement provides
that the capital contributions made or proposed to be made by ADIA to the
Trust would be a revocable
retrospective operation of section 40A(11) actually revokes the trust or makes the trust revocable to the extent of Rs. 19 lakhs ... When once the trust itself is revocable any sum repayable under such revocable trust should be considered to be the money of the transferor
from the income of the trust property for his exclusive use. He, therefore, held that the trust was revocable within the meaning of Section ... time of the original transfer could not make the trust revocable within the meaning of Section 63 of the I.T. Act, 1961. In this
Indian Trusts Act, 1882, which,
inter alia, provides that, a trust is extinguished when
the trust, being revocable, is expressly revoked. There
was no express ... called living trust which is essentially the
same as other trusts. The settler who creates the trust
by the Deed of Trust incorporates
Indian Trusts Act, 1882, which, inter alia, provides that a trust is extinguished when the trust, being revocable, is expressly revoked. There was no express ... called living trust which is essentially the same as other trusts. The settlor who creates the trust by the deed of trust incorporates
charitable trust was registered under the Bombay Public Trusts Act, 1950 , the trust became irrevocable, even though it might contain a revocation clause ... trust. It is also pertinent to note that under s. 78 of the Indian Trusts Act, a trust is extinguished when the trust. Being revocable
held that the Trust is a valid trust.
II. Ground II: Holding that the Trust was not revocable
a. On the facts ... trust on the alleged ground that all the
essentials for a valid trust were not fulfilled.
Ground II: Holding that the Trust was not revocable
