Sankar Prasad Mitra, J. - (1.) In this reference under Section 27(1) of the Wealth-tax Act, 1957, the assessment to wealth-tax was made on the Administrator-General of West Bengal, representing the estate of Mrs. Sreemah Joseph Jacob Judah Ezekiel, deceased--beneficiary, Mrs. R.M. Ezra --for the assessment year 1960-61, the corresponding valuation date being March 31, 1960.
(2.) Mrs. Ezekiel, by her will executed on the 26th July, 1912, appointed the Administrator-General and her daughter,
(3.) Rebecca, as the executor and executrix and trustees. After certain legacies she directed her executor and executrix and trustees to realise the residue of her estate and transfer one quarter of the capital to her daughter, Rebecca, after three years and another quarter after eight years of her death. This has been done. Of the remaining moiety of her residuary estate, the testator's directions were as follows: (a) The residuary fund to be held upon trust to pay the income thereof to her said daughter for her life without power of anticipation during any coverture. (b) Power conferred on the daughter by will or codicil to appoint that the income of the whole or any part of the residuary trust fund shall be paid to any husband with whom she may hereinafter inter-marry and who may survive her during his life or for any less period. (c) Subject to the exercise of the power of appointment aforesaid, the capital and income of the fund were to be held in trust for such or more of her issues, immediate or remote, or her adopted children and their issues at such time and if more than one in such shares as the said daughter, by deed or by will or codicil, appoint and in default of such appointment upon trust for all the children or any child (excluding adopted children) of the said daughter who would attain the age of 21 years and if more than one in equal shares. (d) In the event the daughter had no child born to her, then subject to any appointment made by her in favour of any husband with whom she may inter-marry, in trust for such objects and purposes as the said daughter shall by will or codicil appoint. (e) In default of any such appointment, in trust for her statutory next of kin as if she had died a spinster and intestate and the residuary trust fund would be deemed to have formed part of her personal estate.;