Judgment

HEGDE, J. :- These are appeals by certificate. They arise from a reference under Section 27 (1) of the Wealth Tax Act, 1957 (To be hereinafter referred to as the Act). These appeals relate to the Wealth Tax assessment of the appellant/assessee for the assessment years 1957-58 and 1958-59, the relevant valuation dates being December 31, 1956 and December 31, 1957.

2. The two questions of law referred to the High Court are :-

"1. Whether on a true construction of the indenture of trust dated 11-6-1941 the trustees of the Trust constitute an assessable unit under the provisions of the Wealth Tax Act?

2. Whether the property held by the trustees under the indenture of trust dated 11-6-1941 is held for any public purpose of a charitable or religious nature in India within the meaning of Section 5 (1) (i) of the Wealth Tax Act?" The High Court has answered both these questions in favour of the Department and against the assessees. Hence these appeals.

3. The facts of this case lie within a narrow compass. Govindram Gordhandas Seksaria, Ramnath Gordhandas Seksaria, Makhanlal Gordhandas Seksaria and Bholaram Gordhandas Seksaria constituted a Trust on June 11, 1941 in respect of a sum o