1991 (4) TMI 123

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....ental reference relating to the assessee's assessment for the assessment year 1971-72, the Tribunal has referred to this court the following question of law for opinion under section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee-trust was covered by clause (iii) of the proviso to section ....

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....tisfied, having regard to all the circumstances existing at the relevant time, that the trust was created bona fide exclusively for the benefit of the relatives of the settlor, or where the settlor is a Hindu undivided family, exclusively for the benefit of the members of such family, in circumstances where such relatives or members were mainly dependent on the settlor for their support and mainte....