create thereby a trust, (b) the purpose of the trust, (c) the beneficiary, and (d) the trust-property, and (unless the trust is declared ... workable. The meaning of the expression "revocation" "or " revocable " is well settled. Revocation means calling back of a thing granted
said revocation could be done by deed only
and in the absence of such revocation by deed, the trust remained valid and
there cannot ... sections 77 and 78 of the Indian Trusts Act for extinguishment of the
trust by revocation of trust. The fact scenario, however, changed when
Karuna
call upon the Trust to cancel
any units held by them and return the value.
Therefore, the trust is revocable trust and squarely
covered ... submitted that the Trust Period as defined in
clause 'w' of the Trust Deed also clearly stipulates that the Trust Period
means
that
the assessee was not a valid trust. However, the CIT(A) concluded that the
assessee was not entitled to exemption under ... rendered that nature of the
assessee as a revocable trust.
b) The assessee is primarily engaged in such kind of activities which
Cumi Employees' Welfare Trust vs Wealth-Tax Officer on 28 September, 1998
Equivalent citations
trust was always be Managing
trustee for the life time. This clause in the trust deed makes
the trust a private trust for personal benefit ... Trust Deed. The Trust Deed of the
assessee trust has never been amended. The trust is an irrevocable
trust. Section
power of revocation must be at the instance of the
beneficiary/transferor. The power of revocation under Clause13
of the Deed of Trust ... trust by virtue of powers conferred under the
trust deed, would be sufficient to conclude that the
transferor/beneficiary had deemed powers of revocation
valid trust and fulfils the conditions of a trust both
as envisaged under the Indian Trusts Act, 1882 and the Trusts
(Jersey ... trusts
3. Ground No. 3: Income of the Appellant (being a revocable trust,
settled by ADIA) is exempt from tax in India as per Article
restricted only to public charitable trusts or public
religious trusts which are not revocable in nature. For this, he referred
to the words "subject ... According to the ld. Counsel, a trust is
irrevocable unless the Trust Deed expressly provides for power of
revocation. According to him, absence of irrevocability
trust and the properties belonged to the assessee, cannot be accepted. If this argument leads to the conclusion that the trust is revocable, then ... trust'. In the case of a trust, the settlor transfers the property to the trustees and then the trustees hold the properties on trust
