TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Join Channel
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: Whether the value of Government securities bona fide gifted by the deceased to his wife and sons more than two years before his death was includible in the dutiable estate under section 10 of the Estate Duty Act.
Analysis: The gift of the corpus was found to be genuine, and the securities stood in the names of the wife and minor sons. Although the interest was initially credited through the deceased's bank account, the Tribunal found that it was duly credited in the donees' accounts in the books, remained in the bank account, was not used by the deceased for his own benefit, and was even partly reinvested for the donees shortly before death. On these findings, the donees had assumed and retained bona fide possession and enjoyment of the property to the entire exclusion of the donor and of any benefit to him.
Conclusion: Section 10 was not attracted, and the value of the Government securities was not includible in the dutiable estate.
Ratio Decidendi: For section 10 of the Estate Duty Act to apply, the donee must have bona fide possession and enjoyment of the gifted property and retain it to the entire exclusion of the donor or any benefit to him; mere receipt of income through the donor's bank account does not attract the deeming provision if the donor does not in fact enjoy the corpus or the usufruct.
TaxTMI 
