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Showing contexts for: Two trustee in Nizams Religious Endowment Trust vs Commissioner Of Income-Tax, Andhra ... on 14 September, 1962Matching Fragments
SESHACHELAPATHI J. - This is a case referred to the High Court under section 66(1) of the Indian Income-tax Act (Xl of 1922). The question formulated for decision is :
"Whether the income arising from property settled upon trust under the deed of settlement, dated September 14, 1950, or any part thereof is exempt from tax under section 4(3)(i) of the Indian Income-tax Act, 1922 ?"
By an indenture made at Hyderabad on September 14, 1950, H. E. H. the Nizam of Hyderabad settled upon two trustees, Nawab Zain Yar Jung and Shavax Ardshir Lal, certain securities of the value of Rs. 40,00,000, more particularly described in the first schedule annexed thereto upon trust for applying the income thereof for religious and charitable purposes and objects, in the manner appearing in the instrument of trust and settlement. In schedule 2 annexed to the indenture, the particulars of the sacred buildings which are directed to be maintained, are set out. The provisions of the indenture relevant for the present case are as follows :