JUDGMENT - Chagla, C.J.

1. This reference raises the question whether a certain indenture of trust settles property wholly for charitable purposes and whether income derived by the trustees is exempt from payment of tax under Section 4 (3) (i) of the Act. The trust we are concerned with was executed on June 11, 1941, and significantly enough it is described as "Gordhandas Govindram Family Charity Trust". Clause

2 of the trust deed provides for the application of the balance of the income (after payment of all necessary outgoings) in giving help or relief to such poor Vaishya Hindoos or other Hindoos as the trustees may consider deserving of help in the manner and to the extent specified in the said trust deed and subject to the conditions and directions stated in the next following clauses and/or for the charitable object or objects thereinafter mentioned. Therefore, the relief to poor Vaishyas or other Hindoos is qualified by the conditions which are prescribed in the subsequent clauses. Sub-clause (a) of Clause 3 provides that poor Vaishya Hindoos who are members of Seksaria family shall be preferred to poor Vaishyas not belonging to the said family and poor Vaishyas of Navalgadh

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