Trustee shall hold the Trust Fund during the
Trust Period upo trust.
3.1 to pay the income of the trust fund to the
principal beneficiary ... management and administration of the Trusts
as per Schedule 1 of the Trust deeds.
9.1.14 The Trusts are revocable by the assessee
Settler.
Revocable Trust
Bench of ITAT in
Milestone Army Navy Trust (supra), we hold that the assessee
Trust is a revocable Trust and contribution by beneficiaries ... revocation must be at
the instance of the beneficiary/transferor, The 'power of
revocation under Clauses of the Deed of Trust is a genial
finding that the trust was revocable it upheld liability,
Section 11(1) of the Act, as far as relevant, provides:
"Subject to the provisions ... assessee. We would like to point
out that even if the trust was revocable, the property was
not to go back to the Satguru
business. The beneficiaries
who are named in the trust as recipients of the income of the trust cannot
be considered as an association of persons ... hands of the
petitioner as the transferor of a revocable trust, in which event the income
would be exempt under Section 10(23D) . Whether
Commissioner Of Income-Tax vs Coromandel Fertilisers Ltd. on 15 March, 1983
Equivalent citations: [1985
laid down in the trust. Secondly, he found that in the previous years, the trust was held to be revocable and the income from ... handing over of the income of the trust to the settlor, the trust would not be revocable as long as the money so transferred
trust on 31st March,
2009 while Mrs. Kiran Agarwal received the fund of the trust well
beyond one year of. the same by the trust ... settler of a trust from being a beneficiary.
Otherwise it leads the trust to acquire the characteristic of a "revocable
trust
conditions
recorded in the said agreement.
7. By a Deed of Revocation of Trust dated 31st March 2003,
the said trust was revoked ... Deed of Assignment in
favour of the trust being Laljee Godhoo Family Trust. After revocation of
the said trust, the said trademarks stood assigned
relating to a private trust. The parties proceeded
as if the trust was a private trust created directly by the
First Baronet himself ... dealing with a private trust.
The contention on behalf of Sir Fazalbhoy Currimbhoy
that a resulting trust follows the revocation and extinction
of the trust
only thereafter to apply trust income and
property to the various purposes of the trust--Such
direction whether makes trust revocable--Whether property of
trust ... shares were
settled upon trust, and four trustees one of whom was the
respondent were appointed. Genuineness of the trust is no
longer
