Judgment

VENKATARAMIAH, J.:- These appeals by special leave under Article 136 of the Constitution are directed against the judgment dated March 15, 1971 of the Allahabad High Court in Wealth Tax Reference No. 232 of 1964*.

* Reported in 1971 Tax LR 628.

2. The facts of the case may be briefly stated thus: The Income-tax Appellate Tribunal, Allahabad Bench, Allahabad referred under S. 27 (1) of the Wealth Tax Act, 1957 (hereinafter referred to as the Act) to the High Court of Allahabad for its opinion the following question of law arising out of the assessment orders made under the Act in respect of the assessment years 1957-58 to 1961-62 :

"Whether the interest of the assessee in the trust fund amounted to an annuity exempt under Section 2 (e) (iv) of the Wealth Tax Act?"

3. The assessee concerned in this case is Shri P. K. Banerji. Under a deed of trust dated October 26, 1937 executed by his father, Shri Pyarey Lal Banerji (hereinafter referred to as the settlor), the assessee became entitled to receive the income arising out. of the trust fund during his (assessees) lifetime after the death of the settlor subject to the liability to pay out of such income certain specified sums period