SANKAR PRASAD MITRA, J.

( 1 ) THIS is a reference under Section 64 (1) of the Estate Duty Act, 1953. It relates to the Assessment of Estate duty on the accountable persons of the estate of Ratan Mohan Chatterjee, who died on the 11th July, 1959. The deceased was the absolute owner, inter alia, of premises No. 1, Queens Park, Calcutta. On July 1, 1954, he gifted this property by way of settlement on four trustees namely Rash Mohan Chatterjee, Loke Mohan Chatterjee, Asoke Kumar Banerjee and P. K. Ghose for the objects mentioned in the Indenture of Trust. The trustees were to hold the property for the absolute use and benefit of the deceased's two sons, Rash Mohan Chatterjee and Loke Mohan Chatterjee, in equal shares during their respective lives and upon the death of any of or both the sons, to be held for the use of the wife or wives of such son or sons with remainder to the male children of the two sons in equal share per stirpes. Provision had been made in the deed of settlement empowering the trustees to grant, amongst other things, lease of the trust property as they thought fit.

( 2 ) ON the 2nd July, 1954, the trustees leased out the upper portion of the premises to the sett

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