BHAGWATI, J. :- This reference arises out of an assessment to wealth-tax made on the assessee for the assessment years 1958-59 and 1959-60, the relevant valuation dates being 31st March 1958 and 31st March 1959. The reference involves a question of construction of two trust deeds dated 29th March 1957, one made by the assessee's father Ramanlal and the other made by the assessee's mother Taramati. Both the trust deeds are in identical terms barring only the difference in the names of the settlors and it would therefore be sufficient to make a reference only to the terms of the trust deed made by Ramanlal and whatever we say in regard to the terms of that trust deed must apply equally in regard to the terms of the trust deed made by Taramati. By the trust deed, Ramanlal settled a sum of Rs. 60,000 on the trusts set out in Clause 3 of the trust deed which runs as follows :

"3 The trustees shall hold and stand possessed of the said sum of Rs. 60,000 (rupees sixty thousand)

UPON TRUST :-

(a) to recover the interest, dividends and income of the trust fund and to pay out of the same the charges for collection and all other outgoings, if any

(b) to apply the balance of such interest