COMMISSIONER OF INCOME TAX Vs. RAMASWAMY IYER S

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Madras Bench, under Section 256(1) of the Income-tax Act, 1961, hereinafter referred to as the Act, has referred the following question of law for the opinion of this court:

(2.) THE assessee is the sole trustee of a trust known as " Gnani S. Ramaswamy Iyer Charitable Trust" of which he was also the founder. THE trust was created by him with the avowed intention of perpetuating the memory of his deceased father, by a charitable endowment for the benefit of poor students belonging to the Saurashtra Brahmin community. THE document was dated 6th January, 1947, and that document read as follows :

(3.) THEY have no right to alienate them or to change them over to any other trust or to use the income for any other purposes. THEY shall not act against my wishes. Neither I nor my heirs are entitled to ask for the release of the properties from the said endowment or revoke the said trust or alter the terms for any reason whatsoever. This trust deed is executed by me of my free will and volition with the desire that the under-mentioned objects of trust should be fulfilled every year without fail perpetually and eternally."