Judgment :- R. JAYASIMHA BABU, J. The question referred to us at the instance of the Revenue is, "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in holding that the trust is a valid charitable trust and in directing the Wealth-tax Officer to redo the assessments in the light of the provisions of section 21(1) read with section 21A of the Wealth-tax Act, 1957 ?" The trust referred to is one which was created under the deed dated October 10, 1986. The trust deed has not been produced before us. It is agreed by learned counsel for the parties that the crucial part of the trust deed relevant for the purposes of this case is the part that there has been set out in the Tribunal's order. That part reads thus, "If, however, the settlor leaves no wife or children, the trust properties shall be applied for such charitable purpose as may be decided upon by the trustees." The Tribunal has held that the trust is created when the settlor leaves no wife or children as has in fact happened. The trust so created has been held to be one which is charitable and the properties of the trust, it has been held by the Tribunal are properties which are required to be applied for the charitable purposes such charitable purposes to be decided upon by the trustees. It is not the case of the Revenue that the income of the trust has been applied for any purpose which cannot be regarded as charitable purpose. The Supreme Court in the case of Gangabai Charities v. CIT held that the crux of the statutory exemptions under section 11(1)(a) of the Act is not the income earned from the property held under the trust but the application of the said income for religious and charitable purposes and that it is therefore necessary to indicate in the trust deed the broad objectives and the income derived from the properties is to be utilised. The trust deed here clearly provides that the trust property shall be applied for such charitable purpose as may be decided upon by the trustees. The trust deed here clearly provides that the trust property shall be applied for such charitable purpose as may be decided upon by the trustees. The discretion given to the trustee is not to choose any purpose, but only purposes which are charitable for which the trust properties and income therefrom can be utilisedThe word "properties" in the trust deed, having regard to the context must be understood as including the income derived from the properties, as the deed specifically provides that the trust property shall be applied for charitable purposes. The reference to the application would indicate that the author of the trust intended that all that belonged to the trust is utilised for the purpose of charity. The mandate is therefore clear that the properties of the trust which having regard to the context, should include the income from the properties, should be applied solely for charitable purposes. We, therefore, answer the question referred to us in favour of the assessee and against the Revenue.