1. This is an application concerned with the Wealth Tax Act, 1957 being Central Act No. 27 of 1937. It came into operation on the 12th September, 1957 and is an Act, the object of which is to provide for the levy of Wealth Tax. Under section 3 of the said Act, which is the charging section,-subject to the other previsions contained in this Act, there shall be charged for every financial year commencing on and from the first day of April, 1957, a tax known as the wealth-tax, in respect of the net wealth on the corresponding valuation date, of every individual, Hindu undivided family and company specified in the Schedule annexed to the said Act. The word "net wealth" has been defined to mean the amount by which the aggregate value computed in accordance with the provisions of the said Act of all the assets, wherever located, belonging to the assessee on the valuation date, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date.

2. Now we come to the facts of this case. One Sri Nandalal Karuri died on May 21, 1944 after having made and published his Will on April 24, 1944 whereby he appointed Sm. Suhasini Karuri his wife, and Sri Sudhi