Pathak, J. - (1.) These appeals. by certificate granted by the High Court of Calcutta are directed against a judgment of the High Court disposing of six wealth-tax references on the following questions of law:"1. Whether on the facts and in the circumstances of the case, the Tribunal is right in holding that the assessee who has a life interest in the testamentary trust estate of late C.H. Kinnison comprising inter alia of the shares in an Indian company and commission from the managing agency of an Indian company can be said to have an interest in such shares and commission and that such interest is property located in India so as to be taxable under the Wealth-tax Act 2. Whether on the facts and in the circumstances of the case, the Tribunal is right in holding that the life interest of the assessee in the testamentary trust estate of late C.H. Kinnison is not an annuity which is exempt under Section 2(e)(iv) of the Wealth-tax Act -
(2.) Heilgers and Co. were managing agents of the Kinnison Jute Mills Co. Ltd. and the Naihati Jute Mills Co. Ltd., both Indian companies, for several years. Heilgers and Co.. entered into a sub-partnership from time to time with James Alexander Kinnison under which the two shared equally the emoluments from the managing agency. The last of such sub-partnership agreements was entered into on December 16, 1907.
(3.) Kinnison died on April 13, 1916 leaving a will dated June 2, 1916 under which he gave all his property to his wife Helen. Helen Kinnison executed two deeds of assignment dated December 12, 1927 assigning her share of the emoluments under the sub-partnership in favour of her son Clive Hastings Kinnison. Thereafter the son began to receive the half share of the emoluments from the managing agency.;