Judgment

HEGDE, J. : These appeals were brought on the strength of the certificates granted by the High Court of Calcutta against its judgment in references under section 66 (1) of the Indian Income-tax Act, 1922 (hereinafter called the Act).

2. The questions referred to the High Court are :

"(1) Whether on the facts and in the circumstance of the case and on a proper construction of three deeds executed on the 3rd November, 1944, the 25th September 1947 and the 17th March 1951, referred to in the order, the Tribunal was right in holding that there was only one beneficiary viz. Sri Sri Iswar Gopal Jew, under the trust?

(2) If the answer to the question (1) be in the negative, then whether the income of the Trust was to be assessed at the maximum rate by virtue of the first proviso to section 41 (1) of the Income-tax Act, 1922?"

3. The High Court answered the first question in the affirmative and in view of that answer, it did not find it necessary to answer the second question.

4. The facts found by the tribunal, as could be gathered from the statement of the case submitted by it are as follows :

5. Shri Badriprasad Agarwalla, a Hindu governed by Mitakshara School of Hindu law, had three