LAKSHMI NARAIN LATH TRUST vs COMMISSIONER OF INCOME-TAX, DELHI AND — 1972 PTD 321

Citation: 1972 PTD 321

Court: Rajasthan High Court

Year: 1971

Decision Date: 1971-12-31

Parties: LAKSHMI NARAIN LATH TRUST vs COMMISSIONER OF INCOME-TAX, DELHI AND JUDGMENT

Headnotes

Case cited as 1972 PTD 321

Judgment Text

Court Name: Rajasthan High Court Judge(s): D. S. Dave, Kan Singh Title:LAKSHMI NARAIN LATH TRUST vs COMMISSIONER OF INCOME-TAX, DELHI AND JUDGMENT Reported As: 1972 PTD 321 Result: Question answered in the negative Judgment JUDGMENT D. S. DAVE, C. J.-We have before us a reference made by the Income-tax Appellate Tribunal (Delhi Bench "B") under section 66(1) of the Indian Income tax Act, hereinafter to be referred as the "Act'", which was made at the instance of the assessee, Messrs Laxmi Narain Lath Trust, Mandrella, Jhunjhun, hereinafter to be referred as the "assessee". The question formulated by the Tribunal was in the following terms: ---Whether, on the facts and in the circumstances of the case, the income from the trust in question was exempt from income-tax under section 4(3)(i) of the Indian Income-tax Act ?" The assessee was taxed as an association of persons and the assessment covered four assessm ent years, namely, 1954-55, 1955,56, 1956-57 and 1957-58. The trust was created by one Laxmi Narain Lath who had executed the indenture of trust on 25th August 1948. The settlor of the trust, Laxmi Nardin Lath, was residing at Banaras. Four trustees were appointed : one was the settlor himself, the other trustee was the son of the settlor, and there were two other trustees who belonged to the Lath family. A sum of Rs. 5,000 was set apart for charity and upon the trust as mentioned in the ;feed,. The objects of the trust were as follows: ---(2) The objects of the trust…

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