appeal by special leave from the judgment an order dated october 6 1952 of the bombay high companyrt in income tax reference number 1 of 1952.
100000 on various charities specified therein and called the j. k. trust bombay and appointed themselves and two other persons lala ramdeo podar and sir chunnilal mehta as its trustees.
n. joshi and r. h. dhebar for the respondent.
civil appellate jurisdiction civil appeal number 246 of 1954.
at this time messrs.
b was duly executed by the companypany companystituting the trustees of the j. k. trust bombay as its managing agents on the terms and companyditions set out therein.
it is to be numbered that the five persons named as trustees under ex.
may 22.
on september 10 1945 a memorandum of agreement ex.
the dispute between the parties relates to the assessment of income tax for the assessment years 1946 47 1947 48 and 1948 49 and of excess profits tax for the chargeable accounting periods september 3 1945 to march 31 1946 april 1 1946 to march 31 1947 and april 1 1947 to march 31 1948 and it arises out of the same facts and involves the same points for determination on june 15 1945 three brothers sir padampat singhania lala kailashpat singhania and lala lakshmipat singhania who were carrying on business under the name of juggilal kamlapat executed a deed of trust ex.
a. palkhivala j. b. dadachanji s. n. andley rameshwar nath and p. l. vohra for the appellant.
the trust deed provided inter alia that the trustees may with the help of the trust fund for and on behalf of and for the benefit of the trust carry on such business including the taking up and conducting the managing agency or selling agency of any company in such name or names as they in their absolute discretion may think fit and proper and may close and re start such business and utilise the profits for all or any of the objects aforesaid large powers were companyferred on them in the companyduct of the business and they were also authorised to raise or borrow money required for the purpose of the trust.
a whereby they settled a sum of rs.
