1978 (9) TMI 93

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....dismissed the appeal of the appellant against the order of the ITO who assessed its income in the hands of the Trust. Actually this dispute is pending for the last several years and this matter was considered at length by a Bench of this Tribunal in ITA No. 140/Ind/1975-76 where by which confirmed the orders of the lower authorities assessing the appellant as has been done now. Both the ITO and th....

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.... trust could not be accomplished and, therefore, the Trust stood dissolved under s. 71 of the Indian Trust Act w.e.f. the Asst. yr. 1971-72. This point actually has not been considered by the AAC, but the learned departmental representative has urged that this point should be deemed to have been already considered by the authorities. In this behalf we may refer to para 6 of the judgment in ITA Nos....

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....e same, obviously, the purpose of the Trust mentioned in para 6 of the Trust deed i.e. to keep the property and income of the Trust intact and to spend part of the same, on the beneficiaries and then to divide the balance would be frustrated. According to s. 77(c) of the Trust Act, not only the Trust is extinguished on the fulfilment of the purpose becoming impossible by destruction of the Trust p....