laws of a
country outside India, in which one is trustee, beneficiary or settlor. There are
similar requirements in Form ... must be granted.
33. As there is no bar to the settlor and beneficiary being the same person
and in view of the judgment
Trust Fund upon trust for the Settlor and if the Settlor is not alive for children of the Settlor as may then be living ... trust for brother of the Settlor Hemal Nalinikant, sister of the Settlor, Bhargavi Nalinikant and mother of the Settlor Pramilaben Nalinikant in equal shares
Principal Beneficiary of the Trust
Fund and pay the income from the Trust fund to the
Principal Beneficiary - the settlor- Shri.
NarayanaswamyRamamoorthyfor life.
Clause ... trust deeds
actually make the trustees subservient to the Settlor
Principal beneficiary. As per clause 13 of the Trust
Deeds read with Schedule
Arguments
1 Whereas in the case of the trust, settlor, contributor and beneficiaries, all
have to be independent and distinct In the case ... substance, it was held as not a trust since the settlor and
the beneficiaries remained the same. Observing, that as the fact situation
provision for marriage of major male beneficiaries and minor male beneficiaries and any other male beneficiaries who will be admitted to the benefit ... male beneficiaries would also be beneficiaries of the trust. It is these additional members who will be treated beneficiaries which made the ITO to feel
December 1970 deed), the settlor declared that the trusts were irrevocable. The settlor also increased the number of beneficiaries entitled to the income and specified ... doubt true that in the instant case, the settlor was not a beneficiary either under the April 1961 deed or under the December 1970 deed
beneficiaries. In an ideal condition, trusts are created by a
Settlor and the settlor ought to contribute its assets/property in the Trust
called ... case of a real trust, the three constituents i.e. Settlor, trustee
and beneficiaries would never be the same persons. in the instant case
reproduced
hereunder for the sake of convenience:-
"a) Whether the Settlor & Beneficiary are different in present case:
The Hon'ble ITAT ... inferred that
the Settlor "Infrastructure Leasing & Financial Services Ltd.", and the
Beneficiary "IL&FS Financial Services
upheld the assessment mainly on the
reasoning that settlor, trustee and beneficiaries are not three separate and distinct
entities and also noticing that the assessee ... that the observation of the Ld. CIT(A) that the settlor, trustee and beneficiaries are
not distinct is incorrect on facts and record
G.S.Suresh Kumar vs G.R.Srikantappa on 19 April, 2018
IN THE COURT
