(1.) THIS is a reference under s. 66(1) of the Indian IT Act, 1922, for the determination of the following two questions :
(2.) ON 20th March, 1937, one Baborally Sardar executed a deed of trust for maintenance of his sons and carried on the business as a trustee at Hogg Market, Calcutta, which is the subject-matter of the present reference. The said business was intended to be and actually carried on for the benefit of the assessee himself and his other three brothers in equal shares. ON 15th March, 1941, the said Baborally appointed the assessee as a new trustee in pursuance of the terms of the said deed of 1937. Baborally died in June, 1941. We are concerned here with the three assessment years, viz., the years 1951-52, 1952-53 and 1953-54.
(3.) THE Supreme Court in the said decision of W. O. Holdsworth (Supra) did not consider the above provisions of s. 41 of the IT Act, but considered only s. 11(1) of the U. P. Agrl. IT Act, 1948, which runs as follows :