proviso does not operate to exclude
the income which the settlor receives as a beneficiary from
liability to tax.
921
(ii)The third proviso ... exceeding 6 years or during the life time of the beneficiary
and (ii) the settlor or disponer should have no direct or
indirect benefit from
same to the beneficiary concerned. As mentioned earlier the beneficiaries mentioned in the deed are the minor children of the Settlor. The operations of these ... benefit of the minor children of the Settlor. The real purpose of the Settlor was to provide for the maintenance, education, health, marriage and advancement
withstanding the transfer is treated as that of the settlor, though it was the beneficiary that has title to receive it. We may point ... will be to shift the liability to tax form the beneficiary to the settlor. It is not necessary, for achieving the object of the section
clear that the three minor children of the settlor mentioned in the deed are the beneficiaries under that trust. Now we shall proceed to examine ... trust deed for the benefit of the beneficiaries, namely, the three minor children of the settlor. We have earlier seen that clause 21 gives absolute
trust, the transfer is to the trustees and not to the beneficiaries. But it is possible to transfer indirectly as when A wishes to transfer ... transfer made by and between the settlor and the trustees and not between the settlor and the beneficiaries and, therefore, it is a transferred directly
appears from the said provision in the deed of endowment that the beneficiaries for whom the income of the endowed properties is received are entitled ... beneficiaries and the other contingency may happen where the total income would not be sufficient to meet such payments. To meet such situation the settlor
creditor arose between the parties and superseded that of trustee and beneficiary. That contention was negatived by Reilly J. who observed as follows ... money he is accountable to the beneficiary for the profits and that it is open to a settlor when creating a trust to make
settlor to vest the property in accordance therewith. Where the terms of the document are clear, the intention of the testator or settlor ... residuary income in favour of certain beneficiaries for a limited period. Nevertheless the dominant intention of the settlor as disclosed in the preamble as well
compromise decree passed by the Supreme Court, the remedy of aggrieved beneficiaries is to approach the Government for appropriate redress and they have no right ... omission.
(3) The order of the lower Court has deprived the settlor of his prior to appoint new and additional trustees.
(4) The plaintiffs have
Chinnakolandai Gounder vs Thanji Gounder And Ors. on 30 October, 1964
Equivalent citations: AIR1965MAD497, (1965
