The value of the properties companystituting the subject matter of deed dated, 21.9.1953 estimated at Rs.4,69,287 and those companystituting the subject matter of the deed, dated, 5.10.1953 at Rs.1,27,400 were accordingly, included in the principal value of the estate passing on death.
The settlor provided for his residence, free of rent, in one room on the ground floor in the Varanasi property.
A 1/4th of the net income of the trust properties, after defraying expenses and taxes, was to be paid to the shebait for the companyduct of the worship, rituals and services of the deity Shri Ishwar Gobinda Jiu another 1/4th to be spent on the charitable purposes mentioned in the deed and the balance of 1/2 for the development, additions and alterations of two of the trust properties viz.
After companypletion of the developments and alterations, the said 1/2 share was stipulated to go for the benefit of the settlor during his life time and thereafter to his heirs.
Under both the dispensations, the settlor companystituted himself the shebait.
The Judgment of the Court was delivered by VENKATACHALIAH, J. These appeals, by certificate, under Section 65 of the Estate Duty Act of 1953 Act for Short one by the accountable person and the other by the Deputy Controller of the Estate Duty arise out of and are directed against the Judgment, dated 11.10.1974 of the High Court of Calcutta, answering, in a reference under Section 64 1 of the Act, the question of law referred for its opinion.
946 of 1975 1251 of 1975.
1251 of 1975.
In the proceedings, the nature and effect of the dispositions made under the deeds of the trust, dated, 21.9.1953 and 4.10.1959 fell for companysideration.
41 42 Macleod Street Calcutta.
CIVIL APPELLATE JURISDICTION Civil Appeal Nos.
Under the deed, dated, 21.9.1953, Satya Charan Srimani as settlor, transferred upon trust to himself as trustee 4 items of immovable property, viz.
The said Satya Charan Srimani during his life time had executed three trust deeds, dated, 8.12.1947, 21.9.1953 and 4.10.1959 respectively.
130 and 133, upper circular Road and 32/5 and 32/5 Beadon Street, Calcutta.
The trustee was required, after defraying taxes and other out goings, to accumulate 1/4th of the net income to be set apart for purposes of effecting certain additions and alterations to the properties to make over another 1/4th of the net income to the shebait for the companyduct of the daily and periodical pujas, worship and rituals of the said deity another 1/4th for the charities mentioned in the deed and the remaining 1/4th for the personal benefit of the settlor during his life time and to his heirs thereafter.
Under the deed dated, 4.10.1959, the settlor transferred upon trust to himself and his son Dipti Narayan Srimani as Trustees, six other properties, one of them situate in Varanasi, for the companyduct of daily worship and periodical festivals, rituals and ceremonies of the deity, Shri Ishwar Gobinda Jiu for certain charitable purposes and also for the benefit of himself and his heirs.
946/75 and for Respondent in A. No.
M. Lodha, Ms. A. Subhashini and K.C. Dua for the Respondent in C.A. No.946/75 and for the Appellant in C.A. No.
After the developmental works were companypleted, the proportions of the shares allotted to various objects were suitably modified in that 7/16th share was to be made over to the shebait 4/16th share to be spent for charitable purposes and 5/16th for the benefit of the settlor and his heirs.
1251 of 1975.
