settlor, the first respondent filed a suit and
prayed : (i) that the power reserved to the settlor in the
original trust deed for altering ... trust property' and not
on any other matter arising under the trust deed. The
relief prayed for by the settlor did not relate
that the Trust Act
applied only to private trusts and not to public trusts. And
that after the death of the settlor, the trust ... question whether any
rectification of the Trust Deed which changed character of
the private trust into public charitable trust could be
relied upon before
said trust, because only the
trustee could be taxed; that the U.K. trusts were also
discretionary trusts and not specific trusts as held ... clause (4). If so, the U.K. trusts/settlements are
also discretionary trusts and not specific trusts as held by
the Settlement Commission. In such
trust
and created a trust known as "Jayantilal Amratlal Charitable
Trust" to carry out the following various objects set out in
the Trust ... Trust Deed was registered with the Charity Commissioner
under the Bombay Public Trust Act, 1950 . The Department
accepted this trust as a valid charitable 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
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
Settlement by
trust-Settlor, his wife and eldest son appointed trustees-
settlor entitled to net income of trust properties-On his
death, and of said ... respondent) were appointed trustees.
Under the terms of the trust deed. the settlor was entitled
to the net income of the trust properties during
