( 1 ) THIS is an application under Article 226 of the Constitution of India, by a Judgment delivered on the 24th May, 1974, Musud, J. referred the matter to a larger Bench under Chapter V Rule 2 of the Original Side Rules. An appeal was preferred against this judgment. The Appellate Court on the 23rd September, 1974. Dismissed the appeal although it did not agree with the leaned Trial Judge's reasonings for reference to a larger Bench. Thereafter the present Bench was constituted.

( 2 ) WE shall briefly set out the facts of this case. On March 30, 1962, Shri B. M. Birla created the "chandralekha Trust" (hereinafter called "the Trust") for the benefit of his son Sri G. P. Birla, the wife and children of Shri G. P. Birla and others. The petitioners Sm. Nirmala Birla, Kalachand Chatterjee and Onkarmal Somani are the Trustees of the Trust.

( 3 ) THE relevant valuation date for the Trust's Wealth Tax for the assessment year 1968-69 was the 31st March, 1968. The assets of the Trust consisted of shares in Public Limited Companies etc.

( 4 ) THE Trust, on the 28th December, 1968, filed its Return under the Wealth Tax Act, 1957, for the assessment year 1968-69