TMI Blog2016 (9) TMI 457X X X X Extracts X X X X X X X X Extracts X X X X ..... ot contain the required amendments as specified under the Trust Deed. Therefore, it is necessary that the petitioner will have to submit an amendment made in accordance with the provisions and seek approval of the Commissioner of Income Tax. However, it is clarified that a fresh deed is not required in the matter as contemplated in Ext.P5. Accordingly, this writ petition is disposed of as under: (i) Petitioner is free to alter or correct the mistakes that had crept in the Trust Deed and thereafter comply with the procedure prescribed in Clause 5 as stated above. (ii) If such an application is filed, it shall be open for the Commissioner of Income Tax to take appropriate decision in the matter in accordance with law. - W.P.(C) No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Clause 5 to amend the Trust Deed, which alone is sufficient and there is no necessity to prepare a fresh deed in the matter. 3. It is pointed out that if a fresh deed is prepared and a fresh application is submitted, the petitioner may not get the benefit of the application which was submitted by Ext.P2 as early as on 3.2.2015 and the benefits accruing from the said date. 4. Heard the learned counsel appearing for the petitioner as well as the learned Standing Counsel appearing for the respondents. 5. Statement has been filed by the learned Standing Counsel stating that insofar as no approval had been granted to the application submitted on 3.2.2015 and certain defects were noticed, the errors can be cured only by amendments to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsistent with the main objects of the trusts and no such alteration or variation shall be made without the prior approval of the Commissioner of Income-tax having jurisdiction over the Fund. Therefore, when provisions had been made to enable the trustees with the previous concurrence and approval in writing of the employer to alter, vary or amend any of the Trusts or provisions of this Deed and the Rules, petitioner can as well make such amendments and thereafter, the same can be produced before the Commissioner of Income Tax for approval. In fact, such a method has not been adopted by the petitioner as evident from the records. Petitioner had only sent Ext.P4 which does not contain the required amendments as specified under the Trust Deed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
