Judgment

VAIDIALINGAM, J.:- These four appeals, on certificate, are directed by the assessee against the judgment and order dated August 1, 1968 of the High Court of Punjab and Haryana at Chandigarh in Income-tax Reference No. 20 of 1964.

2. Two questions of law were referred by the Income-tax Appellate Tribunal, Delhi Bench C to the High Court. Both the questions were answered in favour of the Revenue and against the assessee.

3. The appellant-assessee was the Ruler of Faridkot and he was assessed in the status of an individual for the assessment years 1957-58 to 1960-61, corresponding to the accounting years being the periods ending 12-4-1957 12-4-1958, 12-4-1959 and 12-4-1960 respectively. The assessee had executed a registered trust deed dated April 1, 1955 marked Annexure "A" whereunder he had transferred the United Kingdom Government s Securities of the face value of £ 1,80.000 to the Grindlays Bank, London, as trustee to be held in trust in accordance with the terms and conditions set out therein. As there is no dispute that these Government securities were transferred to the Bank and also regarding the provisions contained therein for distribution of the income accruing from