Judgment

HEGDE, J.:- This appeal by certificate arises from the decision of the High Court of Patna in a reference under Section 27 (1) of the Wealth Tax Act, 1957 (which we shall hereafter refer to as the Act). The question of law arising for decision in these appeals is :-

"Whether in the facts and circumstances of the case, the trustee under the Trust deed dated 19th July, 1949 executed by Kripashankar D. Worah was assessable to wealth tax under Section 21 of the Wealth Tax Act?"

2. The tribunal upheld the contention of the Revenue that the trustee is liable to be proceeded against under Section 21 of the Act but the High Court disagreeing with the view taken by the tribunal answered the question referred to it in the negative. Hence this appeal.

3. The facts of the case as set out in the statement of the case submitted to the High Court may now be briefly stated: The respondent Kirpashanker D. Worah by means of a deed of trust dated July 19, 1949 transferred certain shares described in Schedule 7 of the trust deed and certain immovable properties and shares in business described in Schedule 8 of that deed unto himself as the trustee for making provision for the maintenance of himse