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TMI Blog1978 (2) TMI 115X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the sole trustee for life as per the aforesaid deed of settlement. The Asst. CED, considering the life history of the deceased in relation to the aforesaid properties, observed that the main question to be considered was as to whether the settlement deed dt. 5th March, 1961 created a Trust immediately on its execution or the Trust came into operation only after the death of the deceased. He then observed that the assessee had sold away some of the properties mentioned in the aforesaid deed in the year 1962 and had purchased some other properties in the same year. Hence, he came to the conclusion that the deceased was competent to dispose of the said properties. According to him, the language of the settlement deed showed that the trust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as registered with the sub-registrar, Bhimavaram as document No. 659 61, pages 345 to 348, Book 523 Volume 1 dt. 10th March, 1961. He stated that the properties were sold and purchased by the deceased in her capacity as the sole trustee of the Ashram and that fact was apparent from the sale deed executed in 1962 wherein the deceased has been described as the trustee of Ashram. According to him, the trustee had been to manage the property in the interest of the beneficiary and merely because she did not cease to be a trustee. Further, he stated that the Wealth-tax assessments were not accepted by the deceased and appeals against the same had been filed and are pending before the appropriate authorities. 4. Shri A.N. Misra, the learned Repr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... years and by which time the aforesaid Ashram had already functioned for about 15 years, she executed the deed dt. 5th March, 1961. She lived for 13 years more and managed the Ashram). In this back-ground, she says in the deed dt. 5th March, 1961 that she had been using certain self acquired properties for the aforesaid purposes of the Ashram since 1945. As she became old and as she felt that arrangements should be made for the institution to function in future permanently, she executed the deed. The deed described the properties also named three trustees. She stated that she would manage the property as long as she was alive and the three trustees would take over possession and management of the properties after her. In cl. (I) of the deed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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