settling the Trusts each. These are the family
trusts formed by the assessee.
9.1.10 As per both the trust deeds, the settlor is
authorised ... Trustee shall hold the Trust Fund during the
Trust Period upo trust.
3.1 to pay the income of the trust fund to the
principal beneficiary
create a trust,
(ii) The purpose of the trust,
(iii) The beneficiaries,
(iv) The trust property, and
(v) The settlor must transfer the trust property ... trust does not make the trust invalid or incomplete. Nor does the reservation of such powers make the trust a testamentary trust
family Trust Deed
called "Deed of Kaydee Family Trust" on 06.04.1983 as author of the Trust
hereinafter called as "settlor ... beneficiaries”) in the Trust Deed. To manage the affairs of the Trust
and its properties, the settlor appointed two persons - Shri Dinesh Nandlal
Shah
settlor-assessee-
Whether settlor assessee entitled to the same exemption from
taxation as the beneficiary.
HEADNOTE:
The assess had created a trust of thirty lacs ... settlor of the trust could not arise
because as a result of the creation of the trust, the
settlor got divested of the ownership
trustee for payment of the
settlor's debts), and (2) the death of the settlor himself,
that the trust comes ... settlor." Clause 5
says that " during the lifetime of the settlor and so long
as all the debts of the settlor
true intention, at the time of the creation of the trust, of the settlor, a prudent man too and the owner ... find as a fact that, at the time the settlor creates the trust, his true intention is --and such is the tenor of the trust
Pilgrimage Money Trust". Clause 3(c) of the trust, which is relevant, reads as under :
"During the lifetime of the settlor, to defray ... trust. Secondly, he found that in the previous years, the trust was held to be revocable and the income from the trust was assessed
discharge the obligations referred to in the
trust deed. Under clause (1) of the trust deed, the settlor
directed the trustee to retain with ... clause
(b) of the trust deed as substituted by the trust deed dated
April 28, 1950. The settlor died sometime in 1952 and since
then
Trust. The trust
deed clearly mentioned the names of the creditors to whom
the money was to be paid. Under the trust, the settlors ... executants of the trust at the time when the
trust was executed;
331
(2) that the trust did not have for its object
any unlawful
intended trusts. If those trusts had not failed and had exhausted the property, there would have been no resultant trust over to the settlor ... true position when declared trusts failed and there is a resultant trust over to the settlor or his heirs ? The answer to this
