ADDITIONAL COMMISSIONER OF WEALTH TAX Vs. SHAKUNTALA BANERJI

JUDGEMENT

(1.) THIS is a reference under S. 27(1) of the WT Act, 1957.

(2.) ONE Sri Pyare Lal Banerji had created a Trust by a deed dt. 26th Oct., 1937 in respect of Government securities etc. of the face value of rupees ten lacs. The Imperial Bank of Calcutta was the trustee. It was provided in the Trust Deed that on the death of the settlor the bank shall pay the interest income of the trust fund to the settlor's son, Sri P.K. Banerji during his lifetime and on the death of Sri P.K. Banerji and Sri Sunab K. Banerji, another son of the settlor. The testator died in 1952 the income of the trust fund was to be paid to his wife Smt. Shakuntala Benerji and the trustee bank started paying the income arising from the trust fund to P.K. Banerji and after his death on 20th of July, 1973 to his wife Smt. Shakuntala Banerji.