trust. A discretionary
trust is described as a trust where the trustees have been
vested with a discretion in the matter of distribution of
trust ... even so, although the revocation may be contingent
or conditional, still the deed remains a revocable deed of
trust." The same idea was reiterated
proviso three-Deed of trust by assessee-Beneficiaries of the
Trust are assessees and other persons-Trust and revocable
within six years-If the income ... given by
the original deed of trust", and the trust was therefore not
a revocable trust as contemplated
created five mutual and reciprocal
trusts to leave the estate covered by these trusts for charity.
4
These trusts are said to have been revoked ... civil suits which were filed
challenging the revocation of trusts and for recovery of properties
vested in the trust.
8. Let us understand the array
family and, therefore,
the trusts in the present case were private trusts
and not public trusts, as alleged by the
complainant. Learned counsel urged that ... mutual wills,
mutual and reciprocal trusts and secret trusts. A
will on its own terms is inherently revocable during
the lifetime of the testator. However
Settlor reserving benefit
for himself under trust created by him--Trust whether
becomes a revocable trust within meaning of section-Effect
of third proviso.
HEADNOTE ... portion of the
income from the trust properties for himself whereby the
trust -became a revocable trust under the provisions
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
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
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
event may be earlier) and I hereby declare that this trust
shall not be revocable". In the year of account ... event may be earlier) and I
hereby declare that this trust shall not be
revocable."
In the year of account
