authentic material before him relating to the trust, trustee, settlor,
beneficiaries, whether the trust is specific or discretionary and dates of deposit
in the bank ... beneficiaries, so that
secrecy is maintained.
The ATO-understands that In practice the foundation board members act on the
wishes or instructions of the settlor
benefit of the
settlor/ contributor and the trust has three constituents i.e. settlor, contributor and
beneficiaries. It was claimed all the constituents are independent ... benefit
of a single beneficiary or where the beneficiaries are more than one, the individual
shares of the beneficiaries are indeterminate or unknown, the last
behalf of the
benefit of the beneficiaries and since the income of the beneficiaries was
exempt from tax u/s 10(23D) , the interest received ... that, "to constitute a valid a trust, the Settlor, the
Contributor and the Beneficiary are required to be independent". In the
case
PPMs will be intimated to the Contributors / Beneficiaries on completion of the
accounts to facilitate the Contributors / Beneficiaries to include and offer the said Beneficial ... 2016
:- 21 -:
beneficiaries. The beneficiaries have no interest in possession under the trust. There are
various reasons why a settlor prefers to establish a discretionary
make a
contribution to the trust fund. The difference between settlor and the beneficiaries is
clearly demarcated and there is no scope of any ambiguity ... trust each unit holder as a settlor of the amount
invested and concomitantly becomes a beneficiary of the trust entitled to the
distribution from
Accountant General of the State or other Auditors nominated by the Settlor ; (e) "Beneficiaries" means the person and areas affected by mining ; (f) "Board" means
Accountant General of the State or other Auditors nominated by the Settlor ; (e) "Beneficiaries" means the person and areas affected by mining ; (f) "Board" means
Three Gift Settlement |US$13,000,000 |
|(a Trust the sole beneficiary|(On 26.02.2016) & US$ |
|of which is Siddartha Mallya ... States of America. Respondent No.3 is neither the Settlor nor the
Trustee nor the beneficiary of any of the aforesaid named Trusts
præsenti. Though, the beneficiaries were to
become absolute owners of their respective shares after the
death of the settlor, the language of the document clearly ... enjoy the property along with
the settlor during his lifetime and after his death, each of the
beneficiaries was to get a specified share
managing trustee of the
trust. In view of the intention of the settlors of the said Trust and
subsequent events that had occurred ... managing trustee is to be decided by
majority of the beneficiaries of the settlors family. If that was so,
12/19
::: Uploaded
