Judgment

Kania, C.J.I. (on behalf of himself and Das J.): This is an appeal from a judgment of the High Court at Bombay delivered on a reference by the Income-tax Appellate Tribunal under the Income-tax Act. The material facts are these. The assessees (appellants) are the executors of the will of Mr. J. K. Dubash who died on 9-4-1942, having made his last will on 8-4-1942. Probate of the will was issued to the executors on10-8-1942. During his life-time, the testator carried on the business of shipping agents. Clause 13 of the will contains directions about carrying on this business of the testator till its disposal. It directs the executors to carry on the business as a going concern after his death with power to make fresh contracts and discharge the existing and future liabilities and all other usual and necessary powers, unless special circumstances arose which, in the opinion of the executors, made it expedient to sell the business earlier. This business was to be carried on for a period not exceeding twelve months during which time the executors were to ascertain whether or not any of his nephews was willing to purchase the said undertaking. For this purpose and generally for