Law:

Section:

JUDGMENT Divan, J.- In this reference under section 27(1) of the Wealth-tax Act, 1957, the following four questions have been referred for the opinion of the High Court : "(1)Whether, on the facts and in the circumstances of the case, the life interest of the assessee in the Ahmedabad trust was a right to an annuity, the terms and conditions relating to which precluded the commutation of any portion thereof into a lump sum grant and as a consequence had to be excluded from the net wealth of the assessee ? (2)Whether, on the facts and in the circumstances of the case, the life interest of the assessee in the two Bombay trusts to the extent of one-half of such interest was a right to an annuity, the terms and conditions relating to which precluded the commutation of any portion thereof into a lump sum grant and as a consequence had to be excluded from the net wealth of the assessee ? (3)Whether, on the facts and in the circumstances of the case, the life interest of the assessee in the two Bombay trusts to the extent of one-half of such interest was a right to an annuity, the terms and conditions relating to which did not preclude the commutation of any portion thereof into a lump sum grant and was in consequence includible in the net wealth of the assessee ? (4)Whether, on the facts and in the circumstances of the case, the assessee was entitled to exemption under section 5(1)(viii) in respect of ornaments and jewellery worth Rs. 55,003 ?" The assessee is an individual and the questions have arisen in respect of her assessment for wealth-tax for assessment years 1957-58 and 1958-59, the corresponding valuation dates being December 31, 1956, and December 31, 1957. By a deed of settlement, dated September 7, 1945, the father of the assessee settled certain shares of the estimated value of Rs. 5,50,325 of certain Indian companies upon the trusts mentioned in the deed of settlement. The trusts were for the benefit of his two sons, Arvind and Yogendra, and his daughter, the assessee. By another deed of settlement, dated October 12, 1945, the father of the assessee settled certain other shares upon trusts and the language of this second deed of trust is indentical…

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