TRUSTEES OF H E H THE NIZAMS PILGRIMAGE MONEY TRUST Vs. CONTROLLER OF ESTATE DUTY HYDERABAD

JUDGEMENT

(1.) The question, which is rather important, referred under s. 64(1) of the E.D. Act, 1953 (for short "the Act"), for our answer is :

(2.) The relevant facts gathered from the statement of case may now be set out.

(3.) Nawab Sir Mir Osman Ali Khan Bahadur, H.E.H., the Nizam of the erstwhile Hyderabad State (hereinafter referred to as "the settlor"), wealthiest person on the planet at one time, created a trust on 2/11/1950, called "H.E.H. the Nizams Pilgrimage Money Trust". The settlor died on 24/02/1967. Under the trust, the settlor set apart Government of India Loan Securities of the face value of Rs. 22.20 lakhs yielding an annual income of Rs. 66,600. The settlor appointed himself as one of the trustees and clause 3(c) provided in clear terms the purpose and object of the trust (see p. 515 infra) :