CHINTAMANI GHOSH TRUST Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) The present reference made by the Appellate Tribunal under Section 27(1) of the Wealth-tax Act, hereafter referred to as the Act, arises out of the assessment of net wealth of the applicant, Chintamani Ghosh Trust, Allahabad, hereinafter referred to as " the trust". The statement of the case relates to the assessment years 1957-58, 1958-59, and 1959-60. The corresponding valuation dates are 31st March, 1957,

(2.) The trust was created by the late Sri Chintamani Ghosh by and under written and registered deed dated July 24, 1924, for making provision for defendants and other relatives of the settlor, for charity, and for due performance of the worship of the family deity, Sri Sri Sridharjee. The property settled on trust consisted of certain shares valued at Rs. 2,19, 765 and also a sum of Rs. 2,80,235, which had been deposited by the settlor with the Indian Press Ltd., Allahabad. The total value of the amount settled on trust was, thus, Rs. 5,00,000 only, at the inception. The property so settled has been referred to in the deed as endowed property. Subsequently, the trustees acquired extensive house properties in Allahabad and also movable properties with the trust money which constituted the basis of the assessment of the net wealth of the trust, during the three relevant: assessment years.

(3.) Under the terms of the deed of trust, the settlor constituted himself the sole trustee and the absolute sebayet of his family deity, Sri Sri Sridharjee, who is one of the beneficiaries. After the settlor's death, the management and administration of the trust estate vested in a board of trustees.