( 1 ) THE argument addressed to us in this Reference has been lengthy and, if I may say without offence, of a somewhat wandering character, but the point referred is an extremely slender one. It covers but a fraction of the question which will have to be decided in favour of the assessee, if its claim for deduction of certain amounts of money in the computation of its taxable profits is to be allowed.

( 2 ) THE assessee, the Indian Molasses Co. Ltd. , is a public limited company. In 1948 its Managing Director was a gentleman of the name of Mr. John Bruce Richard Harvey who had already been in its service for about thirteen years. It has been, found; that there was an agreement that "the Company should provide a pension to Mr. Harvey when he retires. " In implementation, apparently, of that agreement, the assessee executed on 16-9-1948. a Deed of Trust by which it appointed three Chartered Accountants as trustees and declared that it had already paid over to the trustees a certain sum of money and undertaken to pay to them certain annual sums for six consecutive years on condition that the trustees would execute a declaration of trust as thereafter specified. T