VARDHANA TRUST Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) FOR the assessment year 1983-84, the assessee, Mr. Sathrughnan Pillai, a trustee of the trust named "Sree Vardhana Trust", was assessed under the provisions of the Kerala Agricultural Income-tax Act, 1950, and in connection therewith, the following two questions expect our answer :

(2.) ON hearing counsel for the parties, the question is whether the provisions of Section 8(1)(a) or Section 8(2)(a) of the Kerala Agricultural Income-tax Act, 1950, would govern the factual matrix.

(3.) THEREAFTER, in Clause (6) of the document, we get the purpose and powers. For the purpose of these proceedings, the purpose is of finding advantages for the welfare of the beneficiaries to create the trust. The trustees get powers to carry on business, to deal with the property, to enter into contracts, agreements and arrangements, to borrow or receive money, to receive deposits with or without interest and consequently to do all such things as are incidental or as the trust may think conducive or expedient to this attainment of the above objects.