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Issues: Whether the amount of Rs. 69,000 gifted in cash and later utilised by the donees to purchase immovable property could be treated as property taken under the gift so as to attract section 10 of the Estate Duty Act, 1953 and be included in the principal value of the deceased's estate.
Analysis: Section 10 applies only to the property actually taken under the gift, and its focus is on whether the donee immediately assumed bona fide possession and retained enjoyment of that very property to the exclusion of the donor. The definition of "property" in the Act could not be read in isolation from this context so as to extend section 10 to property subsequently acquired by the donee with the gifted cash, unless the gift itself carried an obligation to invest the amount in a particular manner. The subject-matter of the gift here was cash, not the later-acquired house property, and the mere utilisation of the gifted amount in the purchase of another asset did not convert that asset into the gifted property for purposes of section 10.
Conclusion: Section 10 was not attracted, and the sum of Rs. 69,000 was not includible in the dutiable estate.
Ratio Decidendi: For the purpose of section 10 of the Estate Duty Act, 1953, the decisive inquiry is the identity of the property actually gifted; property subsequently acquired out of gifted cash does not become "property taken under the gift" unless the gift itself obliges its application in that manner.
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