- (1.) This is a reference under Section 24 of the U.P. Agricultural Income Tax Act, 1949, the question propounded being-- Whether on the facts and in the circumstances of the case the trustees can be said to be holding land on behalf of beneficiaries and can the beneficiaries be said to be jointly interested in the land or in the agricultural income derived therefrom within the meaning of Section 11(1) of the U.P. Agricultural Income Tax Act, 1948
(2.) The relevant facts can be briefly stated. One John Joseph Holdsworth died on the 29th June, 1920, leaving a will whereunder, after making provision for certain pecuniary and other bequests, he devised and bequeathed all his immovable property in the United Provinces together with certain movable property in British India (collectively referred to as his 'said Estates') to trustees upon the trusts thereinafter set out. Under Clause 10 of the will the trustees were directed to stand possessed of the net rents and profits of the said Estates upon trust to pay thereout annuities of varying amount to twelve persons. We are informed that of those persons five only are now alive, their names and the annuities payable to them being as follows: Mrs. J.C. Holdsworth 2500 perannum Mr. W.O. Holdsworth 1000 " " Miss. L.N. Holdsworth 50 " " Lt. Col. L.R.J.C. Wilkinson 500 " " H.C. Holdsworth 400 " "
(3.) Under Clause 13 the trustees are further directed to stand possessed of the said Estates (in the events which have happened)upon trust for the said W.O. Holdsworth during his life and after his disease upon trust for all or any of his children or child who being a son or sons attain the age of 21 or being a daughter or daughters attain that age or marry, and in the event of no child attaining a vested interest, upon trust for the said W.O. Holdsworth, his heirs, executors and administrators absolutely.;