NIZAMS PILGRIMAGE MONEY TRUST TRUSTEES OF HEH Vs. CONTROLLER OF ESTATE DUTY

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.) THE Assistant Controller of Estate Duty was of the view that according to clause (3)(c) of the trust deed, the settlor was entitled during his family members as he may take with him for pilgrimage, suggesting thereby that the settlor was not completely excluded from enjoying the benefit of the corpus of the trust. THErefore, by invoking the provisions of s. 10 of THE E.D. Act, he treated the market value of the corpus of the trust at Rs. 13,57,205 as property passing on the death of the deceased-settlor.