trustees of the trust fund.
4. Even the beneficiaries to the trust fund were not specified by the settlor.
5. The ultimate vesting ... gift-tax proceedings against the settlor. The settlor contended that there was no gift on the date when the trust deed was executed
expressly
or by implication to the settlor, or>
(2) the settlor may have (2) Whereby the settlor may have
reserved to himself the reserved ... shall hold and stand possessed of the trust fund upon trust : - ....
(c) During the lifetime of the settlor to defray the expenses
death of the Nizam, the settlor, since the settlor was empowered to effect changes in the trust and therefore the interest of the beneficiaries ... themselves as trustees of any such seperate trust deed or trust deeds and such trust deed or trust deeds shall contain such of the powers
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
relevant terms of the trust deeds. The following are the particulars of the trust properties.
S. No.
Trust deed
Nature of property
Value of corpus ... stand possessed of the corpus of the various trusts in trust for the settlor, his heirs, etc, and that in such an event the trust
value of the corpus of the trust itself ?"
7. The trusts created by the settlor followed a uniform pattern. We shall first consider ... settlor. The settlor appointed himself as the sole trustees during his lifetime. The settlor shall nominate a board of three trustees to administer the trusts
Trusts, involving crores of rupees, most of them being private truste in favour of his sons and relatives, and that in almost all those trusts ... created a charitable trust, which is popularly known as The Nizam's Charitable Trust. He made over to the Trust debentures and shares
whose benefit the trust was created had a vested interest in the trust fund during the lifetime of the settlor and, after the death ... trust deed by and under which the income from the trust fund cannot be distributed during the lifetime of the settlor. According to the learned
whenever so required by the settlor.
(e) On and after the death of the settlor to hold the trust fund or the balance thereof then ... remembered that the Trusts Act applied only to private trusts and not to public trusts. After the death of the settlor, the trust in question
accumulated trust fund to any one or more of the four specified objects of the trust, the trustees had resolved to confine the trust ... Trust v. Commissioner
of Income-tax the Supreme Court was concern
ed with the very trust with which we are now concerned. The settlor
