Hegde, J. - (1.) This appeal by certificate arises from the decision of the High Court of Patna in a reference under Section 27 (1) of the Wealth Tax Act, 1957 (which we shall hereafter refer to as the Act) . The question of law arising for decision in these appeals is:-"Whether in the facts and circumstances of the case, the trustee under the Trust deed dated 19th July, 1949 executed by Kripashankar D. Worah was assessable to wealth tax under Section 21 of the Wealth Tax Act -
(2.) The tribunal upheld the contention of the Revenue that the trustee is liable to be proceeded against under Section 21 of the Act but the High Court disagreeing with the view taken by the tribunal answered the question referred to it in the negative. Hence this appeal.
(3.) The facts of the case as set out in the statement of the case submitted to the High Court may now be briefly stated:The respondent Kirpashanker D. Worah by means of a deed of trust dated July 19, 1949 transferred certain shares described in Schedule 7 of the trust deed and certain immovable properties and shares in business described in Schedule 8 of that deed unto himself as the trustee for making provision for the maintenance of himself, his wife, for the maintenance, education and the marriage expenses of his unmarried daughters and for the maintenance and education expenses of his minor sons. The main purpose of the trust is set out in paragraph 3 of the objects of the trust. That paragraph reads:- "To apply the income of the Trust Estate for the maintenance and the joint use and benefit of the Settlor and his wife the said Srimati Kanchan Kunver and also for the maintenance, education and marriage expenses of the said two minor daughters Kumari Kumud Bala and Kumari Jyoti and also for the maintenance and education of the Settlor's minor sons Harsukhari Worah and Chanderakant Worah:Provided always that if the income of the Trust Estate is insufficient for the purpose of meeting any of the said expenses the Trustee shall have full liberty to dispose of or otherwise apply sufficient portion of the corpus of the Trust Estate for the purpose of discharging the Trust contained in this clause.";