OSWAL TRADERS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) UPON a direction having been issued by this Court by an order dt. 15th Sept., 1989 passed on the application of the applicant (assessee) under S. 256(2) of the IT Act, 1961, the Tribunal, Jabalpur Bench, Jabalpur, has drawn up a statement of the case and referred the following question of law arising out of the order of the said Tribunal :

(2.) THE applicant is a private trust which was created by the settlor, Neelam Chand Bardia vide a registered settlement deed on 26th Nov., 1979. The trust was formed with a capital of Rs. 1,000 for the benefit of seven persons of whom two were major and five were minor children. The relevant clauses of the settlement deed read as follows :

(3.) THE trust carried the matter to the Tribunal in second appeal and the Tribunal allowing the appeal in part in relation to the objection of the status of the assessee, directed assessment in the status of an AOP.