Distinguish between Revocation and Extinction of Trust.

Revocation and Extinction of Trusts According to section 78 of Indian Trusts Act, 1882 (the Act), a trust created by Will may be revoked at the pleasure of the testator. A trust otherwise created can be revoked only: where all the beneficiaries are competent to contract—by their consent; where the trust has been declared by a non-testamentary instrument or by word of mouth—in exercise of a power of revocation expressly reserved to the author of the trust; or where the trust is for the payment of the debts of the author of the trust, and has not been communicated to the creditors—at the pleasure of the author of the trust. If the trust property is to be applied for the author's own benefit the trust can be revoked. A power of revocation may with advantage always be reserved in the deed. The declaration of trust for creating provident fund, pension fund, superannuation fund, gratuity fund etc. should be irrevocable. If they are otherwise the recognition under the Income Tax Act, 1961 will not be available to such trusts and in consequence the payment made to such funds will not be allowed as deduction in the hands of the authors of the trusts in their income tax assessments. According to section 77 of the Act, a trust is extinguished: when its purpose is completely fulfilled; or when its purpose becomes unlawful; or when the fulfilment of its purpose becomes impossible by destruction of the trust property or otherwise; or when the trust, being revocable, is expressly revoked.