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
other Body Corporate/HUF/ Partnership Firm/Discretionary Trust/Charitable trust/Specific Trust/Revocable Trust /Pooled Investment vehicle (PIV) / Entity controlled by PIV)
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(b) Corporate Identity ... discretionary trust or charitable trust
Beneficiary in case of a specific trust
Author or settlor in case of a revocable trust
General Partner, Investment Manager
case of a discretionary trust or a charitable trust; (b) is a beneficiary in case of a specific trust; (c) is the author or settlor ... case of a revocable trust. (v) where the member of the reporting company is, - (a) a pooled investment vehicle; or (b) an entity controlled
that the trust, as per the trust deed, is irrevocable trust,
therefore, the observation made by the Tribunal that the trust is revocable ... trust would continue, therefore, the finding recorded
by this Tribunal that the trust is a revocable one is not a correct. This
needs
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
other Body Corporate/HUF/ Partnership Firm/Discretionary Trust/Charitable trust/Specific Trust/Revocable Trust /Pooled Investment vehicle (PIV) / Entity controlled by PIV)
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|}
(b) Corporate Identity ... discretionary trust or charitable trust
Beneficiary in case of a specific trust
Author or settlor in case of a revocable trust
General Partner, Investment Manager
trust on the alleged ground
that all the essentials for & valid trust were not fulfilled.
Ground II: Holding that the trust was not revocable ... further appeal the Tribunal held that (i) since assessee was a
revocable trust and contribution by beneficiaries was a revocable
transfer, income would be taxed
2016-
Hero Cycles Ltd, Ludhiana
2
10(23FB), being a Revocable Trust and contribution
from beneficiaries being revocable, as per provisions
of section
2205/2010 and trustees of John Sperling Revocable
Trust. Therefore, the conduct of the proposed LRs in now seeking to
oppose their impleadment is evidently
India Trust Act, is relied upon, which reads as under:
?77. Trust how extinguished.?A trust is extinguished?
(a) when its purpose is completely fulfilled ... purpose becomes impossible by destruction of
the trust property or otherwise; or
(d) when the trust, being revocable, is expressly revoked.
28. In this case
