VAKIL D M Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference made under Section 66(1) of the Indian Income-tax Act by the Income-tax Appellate Tribunal. The material facts, as found in the statement of the case, are these. The late Bai Bhicaiji Dhunjibhoy appointed her husband and her son and three daughters as the trustees under her last will and testament, dated January 28, 1937. By clause 5 of that will it was provided as follows