Hegde, J. - (1.) Civil Appeals Nos. 1429 and 1430 of 1971 are by special leave and Civil Appeals Nos. 2385 and 2386 of 1969 are by certificate. The latter appeals have become infructuous as the certificates by which they have been brought are not supported by any reason. Hence the appellants had to apply and obtain special leave from this court for appealing against the judgment of the High Court. Civil Appeals Nos. 1429 and 1430 have been brought on the strength of the special leave granted by this court. These are the appeals which we have to consider now.
(2.) All these appeals arise from the decision of the Bombay High Court in a reference under Section 27 of the Wealth Tax Act. 1957. The question referred to the High Court reads: " Whether on the facts and in the circumstances of the case, and having regard to the terms of Annexure "A" the Tribunal was justified in holding that the interest of the assessee under the Trust had no value
(3.) The relevant portion of the Trust deed which came up for consideration by the Tribunal as well as the High Court reads thus: " 2. The trustees shall hold and stand possessed of the Trust found up on trust:- (a) ********** (b) To apply the balance of such interest, dividends, profits and income of the Trust Fund (hereinafter for brevity's sake referred to as "the net income") for the support, maintenance and advancement in life and otherwise for the benefit of the Settlor and his wife (provided such wife is born (sic) before the date of these presents}, in such manner as to enable the Settlor to live as far as possible with the same comforts end to enjoy life in the same manner as he is accustomed to do and in case of any surplus income at the end of any year to accumulate the same for a period of eighteen years from the date hereof and to add the same to the corpus of the Trust Fund and after the expiration of the said period of eighteen years in case of any surplus income at the end of any year to hand over the same to the Settlor provided further that in applying the net income as aforesaid the Trustees shall not be entitled to take into account any other income from any other source that the Settlor may be received at the time and it is hereby expressly agreed and declared that the Trustees shall not be liable or accountable to any one for any act bona fide done by them or for any payment bona fide made by them in pursuance of the provisions of this clause and in particular they shall not be accountable or responsible for the amounts expended or applied by them or the manner in which or the purpose for which the same shall be applied and all moneys so expended or applied by the Trustees in their absolute discretion shall not be questioned by any party in any Court of Law or otherwise howsoever.";