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
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
deposited in the Public Trusts
Administration Fund. Once that is the case, then such trusts can never
be termed as revocable trusts in terms ... 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
corresponding
dividend income of Rs. 34,65,071/- pertaining to revocable trust M/s
Mirabilis Investment Trust, offered to tax and corresponding TDS
claimed ... income. However, the same was deducted
against the PAN of a revocable trust namely M/s M/s Mirabilis
Investment Trust in which assessee
corresponding
dividend income of Rs. 34,65,071/- pertaining to revocable trust M/s
Mirabilis Investment Trust, offered to tax and corresponding TDS
claimed ... income. However, the same was deducted
against the PAN of a revocable trust namely M/s M/s Mirabilis
Investment Trust in which assessee
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
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
Trust have been satisfied. The
appellant is a trust set up under die Indian Trusts Act,
1882 by way of an Indenture of Trust which ... alsoheld that for a trust tobe a determinate trust. i
\\t)uld be sufficient if the trust deed laid down that the
beneficiaries would
