family deity, Sri Sri Sridharjee, who is one of the beneficiaries. After the settlor's death, the management and administration of the trust estate ... enjoyment of this allowance other relatives and dependants of the settlor or the settlor's family. Subsequent to the creation of the trust
purpose of including some one not already a beneficiary, it could extend to including the settlor himself. The wide amplitude of power in the clause ... little difference between a case where the settlor included himself among the beneficiaries and left it to the absolute discretion of the trustees to extend
identical terms, except in regard to the minimum amounts payable to the beneficiaries out of the income of each year. There was one further difference ... respectively. Under each of the trust deeds the settlor specified the interest of the beneficiaries in the trusts. The pertinent terms of one of them
upon those terms
and conditions it was intended by the settlors that the
beneficiaries should receive the properties in their
individual capacity ... deceased beneficiary while the other half would be liable to
distribution among the remaining beneficiaries and the heirs
of other deceased beneficiaries. These two conditions
identical terms, except in regard to
the minimum amounts payable to the beneficiaries out of the
income of each year. There was one further difference ... respectively. Under each of the
trust deeds the settlor specified the interest of the
beneficiaries in the trusts. The pertinent terms of one of
them
declaration of the trust binding on the settlor, (2) setting apart definite property and the settlor depriving himself of the ownership thereof ... held by the beneficiaries. The Tribunal found that there was a declaration of the trust binding on the settlor according to the terms
further provided
that on the death of any of the Settlor's relatives
specified in the Schedule the trustees must set apart ... beneficiaries the trustees are enjoined to transfer and hand
over the 3 1/2 units comprising the Family Trust Expenses
Account to the Settlor
settlor, then, on and from the death of the settlor, and in case any one or more of them survived the settlor then from ... intestate succession would, on the death of the settlor, have been entitled if the settlor had died possessed of the property and intestate.
4. Shri
Commissioner Of Gift-Tax vs Maharaja Pateshwari Prasad Singh on 10 March, 1971
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