The primary facts that emerge from the orders of the Tribunal are (1) that under the trust deed, the settlor intended that after the settlor 's death, the assesee should be the sole beneficiary of the net income from the trust fund during his (assessee 's) life time (2) that the assessee had been treating himself as the owner of the trust fund for purposes of income tax payable by him and had been declaring the income of the trust as his own income and claiming in his own income tax returns deduction for tax paid at source by the trust; (3) that in fact the assessee was the sole beneficiary of the net income derived from trust fund; (4) that he had under the trust deed the right of appointment of his successors under certain circumstances and (5) that the trustees had the power to invest the proceeds of the Government loan bonds or securities which constituted the trust fund upon their redemption as provided in the deed and that therefore the net income realisable from the trust fund was subject to variation.