Per N.D. Raghavan - This is an appeal of the assessee challenging the order dated 16-1-1987 of the Commissioner of Income-tax (Appeals) as opposed to facts and law of the case.

2. The facts of the case are briefly these: The assessee, a resident having the status of Hindu undivided family and the accounting period ending with 3-11-1975 for the assessment year 1976-77 filed on 30-8-1976 its return showing an income of Rs. 20,500. The husband settled one-third part of bungalow No. 8, Prithvi Raj Road, New Delhi, by a Trust Deed dated 11-11-1974. executed between him as the settlor or the author of the Trust and the trustees being HUF consisting of himself and his wife, thereby. creating a Trust known as Mahavir Prasad Jaipuria Family Trust, for the benefit of the cestui qui trust, being the two sisters of the settlor, one sister-in-law of the settlor and three Private Limited Companies of which the Settlor is one of the shareholders and directors. In the preceding assessment year 1975-76 as the Assessing Officer opined that the Trust was not an irrevocable one, he referred the issues being vital to the inspecting Assistant Commissioner under section 144A for his guidance on the s