income from the said trusts, viz., M. C. Shyamala Marriage Benefit Trust and M. S. Sowmiyaram Marriage Benefit Trust. Similarly, for the asst ... trust fund was retransferred for the benefit of the settlor in case the trust fails, the trust would become a revocable trust. In such
trust deeds, the trusts could not be treated as irrevocable trusts. Since the trusts were not irrevocable, the ITO quantified the interest income attributable ... trust deeds for retransfer of the trust funds in favour of the transferor, then only the trusts would be called as revocable trusts
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
hold that the funds transferred by the assessee to the revocable trust created by her husband for the benefit of his would ... power of revocation, and, therefore, the interest income attributable to the contributions made by the assessee to the revocable trust created by her husband
income from the trust properties, the Income-tax Officer dealing with that matter found that as the trust had become revocable, the income from ... were not properly initiated inasmuch as the information that the trust had become revocable was always available to the Income-tax Officer who assessed
also found, though without much of a discussion, that the trust was not a revocable one, within the meaning ... next part of the question, namely, whether the deed of trust in a revocable one coming within
that contention the law provides that if there is a revocable trust, provided firstly it is made ... revocable for a period exceeding six years or not revocable during the lifetime of the person (meaning the person for whose benefit under the trust
commentary of the word "revocable" found in the main provision. Income from a revocable transfer of assets shall be deemed to be income ... whole object of the third proviso is to consider a revocable trust irrevocable provided that the settlor enjoys no benefit whatever in the income
derogation of the Trust cannot be supported.
23. Section 77 of the Indian Trusts Act, 1882 provides as follows:
"A trust is extinguished ... purpose become impossible by destruction of the trust property or otherwise; or
(d) when the trust,being revocable, is expressly revoked."
Section 78 provides
arisen in favour of the trust as claimed." Since we have upheld the validity of the trust, the second question will also have ... section I6 (1) (c). Apart from that, it was not a revocable trust at all.
A further contention of the learned counsel for the department
