1. MITTER, J. The question referred to this Court under s. 27 of the WT Act is :

"Whether on the facts and circumstances stated the right of the assessee to receive a specified share of the net income from the wakf estate is an asset the capitalised value of which is assessable to wealth-tax?"

The facts are very short : One Golam Hossain Cassim Ariff, a Mohammedan, created a wakf on 19th Nov., 1928, of certain lands, hereditaments and premises whereby he appointed himself the sole mutawalli of the wakf property during his life and after his death his sons and his widow were to be mutawallis jointly. The mutawalli or mutawallis were to retain a proper establishment to look after the wakf property and keep proper accounts thereof. After payment of all necessary outgoings including revenue, taxes, repair charges, etc., the mutawallis were to divide the income of the wakf property in the manner stated, that is to say, pay the wakif Rs. 700 per month, Ibrahim Golam Hossain Ariff Rs. 600 per month for his life, a similar sum to each of his other sons and the sum of Rs. 400 per month to his wife. On the death of any of the beneficiaries the money payable to him was to be paid to an