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
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
retained a portion of the income from the trust properties for himself. The trust had, therefore, become revocable under the provisions of Section ... contention raised by the Commissioner that if under the deed of trust the settlor has reserved to himself as a beneficiary any part
said
deed of partition S.D. Mudaliar the settlor of the deed of
trust obtained the property forming the subject matter ... said trust deed. The founder dedicated the said
property by the deed of trust to the trustees. The trustees
were the settlor and the three
Settlor reserving benefit
for himself under trust created by him--Trust whether
becomes a revocable trust within meaning of section-Effect
of third proviso.
HEADNOTE ... portion of the
income from the trust properties for himself whereby the
trust -became a revocable trust under the provisions
beneficiaries mentioned in the trust deed, the trust properties vest with the trustees for the benefit of the family charitable trust. But they are given ... real beneficiaries under the second trust right from the date of that trust are the minor children of the settlor and not the family charitable
Family Charitable Trust. Hence, in substance the trust was created for the benefit of the minor children of the Settlor. The real purpose ... real beneficiaries under the Second Trust right from the date of that trust are the minor children of the Settlor and not the Family Charitable
trust is set out in paragraph 3 of the objects of the
trust. That paragraph reads :
"To apply the income of the Trust Estate ... Trust Estate for the purpose of
discharging the trust contained in this
clause."
Sub-paragraph 4 of the Trust deed provides that
agricultural income or asset
to the settlor, disponer or transferor or in
any way gives the settlor, disponer or
transferor a right to reassume power ... section include any
disposition trust, covenant, agreement or.
arrangement and the expression "settlor or
disponer" in relation to a settlement or
disposition shall
college which had been established out of the funds of another trust created by the same testator. There was a surplus income in the hands ... income in question was not income derived from property held under trust for charitable purposes as that expression is defined in section
