USHA KUMAR BANERJEE Vs. CONTROLLER OF ESTATE DUTY

JUDGEMENT

(1.) This is a reference under Section 64(1) of the Estate Duty Act, 1953. It arises out of the estate duty assessment of the estate of late Panchu Gopal Banerjee (hereinafter referred to as "the deceased"), who died on April 17,1955. On the death of the deceased, the applicants, who were the accountable persons under the Act, furnished an account in the prescribed form of the properties passing on the death of Panchu Gopal to the Deputy Controller of Estate Duty, Calcutta, the assessing authority concerned. The Deputy Controller, by his order dated the 30th December, 1958, determined the principal value of the estate passing on the death of the deceased, at Rs. 16,51,31.4 and the duty payable at Rs. 3,12,214.50 nP. In the principal value aforesaid, the Deputy Controller included, inter alia, the value of the properties comprised in two trusts known as (a) Sarada Sampad Trust, and (b) Jagadhatri Sampad Trust.

(2.) The question referred to this court is as follows:

(3.) At the hearing before us counsel for the applicant did not make any submissions with respect to the "Sarada Sampad Trust". He said that he was accepting the view of the Member, Board of Revenue, on the "Sarada Sampad Trust" and did not invite us to answer any question relating thereto. In this reference, therefore, we shall confine ourselves only to the "Jagadhatri Sampad Trust". By a deed dated 27th June, 1939, the deceased's father, the late Umesh Chandra Banerji (who died in April, 1941), settled certain properties in trust directing the trustees to apply the income thereof in the manner indicated in the deed. The English translation of the preamble to this instrument reads thus: