COMMISSIONER OF INCOME TAX Vs. PRUTHIVI TRUST

JUDGEMENT

(1.) AT the instance of the revenue the following question is referred to us for our determination :

(2.) THE relevant previous years for the assessment years in question are calendar years 1957, 1958, 1959, 1960, 1961 and 1962. M. A. Chaudary had obtained certain patents in respects of certain inventions made by him. He also held 45 shares of Rs. 10 each in M/s. Millers Ltd. On July 12, 1955, M. A. Chaudary created a trust in respect of the shares, patents, inventions and designs and other properties referred to therein for the objects therein specified. The relevant part of the trust deed provided as under :

(3.) THE process in item 2 above for manufacturing, sizing antiseptic was being utilised in a manufacturing business carried on by the trust. The income derived therefrom is being applied for the charitable objects set out in the indenture of trust. There was no controversy between the assessee and the taxing authorities that the invention for manufacturing sizing antiseptic was held under the trust.