1. This is a reference by the Income-tax Appellate Tribunal, Madras Bench'A', under S.66 (1) of the Indian Income-tax Act, 1922. The question referred is:

"Whether the income derived by the assessee-Trust from business in kuries is exempt from tax under the provisions of S.4 (3) (i) of the Indian Income-tax Act, 1922, as amended by Act 25 of 1953 for the five years -1952-53 to 1956-57?"

2. The assessee is the Dharmodayam Company, Trichur, a company registered under the Cochin Companies Regulation. The licence granted to the company on 21-1-1919 under S.32 of that Regulation - the section corresponds to S.32 of the Companies Act, 1956 - is in the following terms:

"Under S.32 of the Cochin Companies Regulation, the Diwan is pleased to direct that the Company named 'The Dharmodayam Company, Trichur,' which has its objects the promotion of charity, Education, Industry, etc., and the doing of all such other things as are incidental or conducive to the attainment of the same, be registered with limited liability without the addition of the word limited

to its name."

3. That the assessee is a trust is not disputed. The Income-tax Officer was also of the view that the trust was of a