BHAGWATI, J. : This is a reference which comes before us on a requisition under section 66 (2) of the Income-tax Act, 1922. There are two questions referred to us but they both relate to the same point, namely, whether the income of the assessee derived from properties held by it is exempt from tax under section 4 (3) (i). There is also a reference to section 4 (3) (ii) in the second question, but that is obviously due to some mistake because, as pointed out by the Tribunal, the claim for exemption under section 4 (3) (ii) was expressly given up by counsel who appeared on behalf of the assessee before the Tribunal and the only claim pressed was for exemption under section 4 (3) (i). We will, therefore, delete the words ''and/or 4 (3) (ii)'' in the second question and confine the scope of the inquiry before us to the determination of the question whether the income of the assessee is exempt from tax under section 4 (3) (i) which was the only question debated before the Tribunal. In order to answer this question it is necessary to state a few facts.

2. Hazrat Pirmohamed Shah Saheb was a renowned Muslim Saint who lived in Gujarat in the early half of the eighteenth century. He