1983 (4) TMI 20

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....eference under s. 27(1) of the Wealthtax Act, 1957 (for short " the Act"), the Income-tax Appellate Tribunal, Indore Bench, Indore, had referred the following question of law for the opinion of this court ; " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the deed of rectification executed on April 8, 1975, was not merely clarificatory/declarato....

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....that the rectification deed was not valid and the assessments have to be made on the basis of the original trust deed. On appeal by the assessee, the AAC upheld the orders of the WTO. On further appeal, the Tribunal also maintained the order of the WTO. At the instance of the assessee, the Tribunal has referred the aforesaid question of law for the opinion of this court. It is not in dispute that....

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....es than one and they must not execute the trust for the advantage of one at the expense of the other. However, from this provision it cannot be contended that the interest of the beneficiaries which was indeterminate according to the trust deed becomes indeterminate. Moreover, the trust has already been executed in regard to the assessment years in question before the execution of the rectificatio....