CHINNAPPA REDDY,J. - (1.) THE Tribunal followed the decision of the Bombay High Court in Commissioner of Gift-tax v. Yogendra N. Mafatlal [1965] 58 ITR 40 (Bom ). The decision was to the effect that where a trust was created for charitable purposes, and an initial gift of a sum of money was made to constitute the trust, the initial gilt was entitled to exemption in the same manner in which subsequent gifts to the fund would be. We are in entire agreement with the reasoning and conclusions of the learned judges of the Bombay High Court and do not think it necessary to separately express our opinion. The reference is, therefore, rejected. The respondent will get the costs of reference, which are assessed at Rs. 250.;