TMI Blog1971 (9) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... e latter appeals have become infructuous as the certificates by which they have been brought are not supported by any reason. Hence, the appellants had to apply and obtain special leave from this court for appealing against the judgment of the High Court. Civil Appeals Nos. 1429 and 1430 have been brought on the strength of the special leave granted by this court. These are the appeals which we have to consider now. All these appeals arise from the decision of the Bombay High Court in a reference under section 27 of the Wealth-tax Act, 1957. The question referred to the High Court reads : " Whether, on the facts and in the circumstances of the case, and having regard to the terms of annexure ' A ' the Tribunal was justified in holding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m in pursuance of the provisions of this clause and in particular they shall not be accountable or responsible for the amounts expended or applied by them or the manner in which or the purpose for which the same shall be applied and all moneys so expended or applied by the trustees in their absolute discretion shall not be questioned by any party in any court of law or otherwise howsoever." The Tribunal came to the conclusion that the estate conferred under the above mentioned clause is a personal estate, that the same is incapable of being sold in the open market and therefore it should be held that that estate has no value. The High Court differing from the view taken by the Tribunal came to the conclusion that even though the estate c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the relevant clauses in the wakf deed we are not satisfied that the aliquot share of the income provided for the beneficiaries was meant merely for their maintenance and support .... Mr. Sen has laid emphasis on the language of section 7(1) of the Act and has contended that the right to a share in the income is not capable of any valuation and the price which it would fetch, if sold in the open market, could not possibly be ascertained. Such an argument was fully examined in the Bombay case in which the High Court referred to the provisions of the English statutes, which were in pari materia as also decisions given by the English courts including the one by the House of Lords in Commissioners of Inland Revenue v. Crossman. It has b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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