Judgment

BHARGAVA, J. : Seth Walchand Hirachand and his wife, Bai Kasturbai, owned certain shares, had several insurance policies, owned house property and also held lease lands. The two of them together joined in executing an indenture on 25th November, 1946, by which they created a trust. The trustees were both of them themselves and three brothers of Seth Walchand. The provisions of the trust, with which we are concerned, laid down that, after defraying the expenses for management of the trust properties and certain other expenses, such as, rents, rates, etc., the trustees were to pay to Bai Kasturbai, during her life-time, the income arising from the trust funds and properties. Further. Seth Walchand himself and Bai Kasturbai, during their life-time, had the right of residence in some of the house property, free of rent and without any obligation for payment of any outgoings or moneys in respect thereof. These provisions were contained in clause 7 of the deed of trust. The next provision contained in clause 8 of the deed was that, from and after the death of Bai Kasturbai, the trustees were directed to apply the net rents, profits and income of the properties and trust funds, at