https://www.taxtmi.com/caselaws?id=11584 Variation of a trust deed that only changes the class of beneficiaries and makes the trust irrevocable does not, by itself, create a fresh taxable gift under the Gift-tax Act, 1958, where the trust property had already been validly transferred to trustees and continued to vest in them. The later deed merely altered the mode of enjoyment and distribution of income; it did not bring the property back to the settlor, effect a new transfer to trustees, or expressly revoke and extinguish the original trust. On that basis, the amendment was held not to amount to a new gift, and no gift-tax liability arose on the variation. en-us Sat, 03 May 2003 00:00:00 +0530 Sat, 30 Jan 2010 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11584 Variation of a trust deed that only changes the class of beneficiaries and makes the trust irrevocable does not, by itself, create a fresh taxable gift under the Gift-tax Act, 1958, where the trust property had already been validly transferred to trustees and continued to vest in them. The later deed merely altered the mode of enjoyment and distribution of income; it did not bring the property back to the settlor, effect a new transfer to trustees, or expressly revoke and extinguish the original trust. On that basis, the amendment was held not to amount to a new gift, and no gift-tax liability arose on the variation. Case-Laws Income Tax Sat, 03 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11584