following nature: holder, owner,
beneficial owner, ultimate
beneficial owner, trustee, settlor,
beneficiary, authorized
signatory, director, shareholder,
etc.
c. Intelligence on prima facie undisclosed
foreign asset
Indian law; (ii)
statutory lines of distinction existing among settlor, trustee and
beneficiary, are incapable of being blurred- each are distinct
offices/capacities, with corollary ... been provided by
any person other than such beneficiary, for being regarded as
'beneficiary', are not fulfilled in the case at hand
single person fulfills both
the conditions, he can be both settlor and beneficiary. The
appellant reproduced relevant paragraphs of the decision by
the Bangalore ITAT ... that there is no
prohibition in the Trust Act on the; settlor becoming beneficiary.
Hence, the AO is wrong in holding that the appellant trust
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
Trust the sole 26.02.2016) & US$
beneficiary of which is 333,331.33
Siddartha Mallya, son of (on 29.02.2016)
Respondent No.3)
L. Three Gift Settlement ... States of
America. Respondent No.3 is neither the Settlor nor
the Trustee nor the beneficiary of any of the aforesaid
named Trusts
three settler partnership firms and
three settlor companies. The settlor firms, the settler
companies, the petitioner and the beneficiary companies
are all part ... received certain securities being listed shares of Wipro Ltd.,
from the settlor firms in financial year 2012-13 and the
settlor companies in financial year
Trust-II Deed. The settlors of the Trust are
the plaintiff and the defendant no.5 and the beneficiaries under the Trust are
the plaintiff ... interests.
C. In furtherance of the aforesaid objectives, the Settlors
propose to settle the Settlors Property for their own benefit and for
the benefit
discretionary family trust settled
pursuant to an indenture dated 03.02.1999, where the
beneficiaries of the trust are the two trustees, their respective ... derived their authority to carry on business not from
the beneficiaries but from the settlor under the terms of the deed
of trust
sale of the said property by the beneficiaries of the
said deed after the death of the settlor and his wife was also created ... marriage. The said intention of the settlor gets amplified from the fact that
the settlor did not make any provision for residence in the said
settler and to ensure
that he is enjoying the same as beneficiary without interruption
during his life time.
Clause 7 :
The said Clause ... indicates the `Beneficiaries' of
the Trust and it is evident that Dr. M.A.M. Ramaswamy Chettiar
will be the sole `Beneficiary
