https://www.taxtmi.com/caselaws?id=174524 A wakf settlement reserving a life interest to the settlor fell within section 12 of the Estate Duty Act, 1953, because the reservation covered every item of the settled property during her lifetime. The court rejected the argument that section 12 was excluded where part of the property also answered the ordinary meaning of property passing on death, holding that the deeming fiction in section 12 must operate on the whole settled property. It also held that the instrument was not a gift attracting section 10. Accordingly, the entire wakf property, including the sum of Rs. 1 lakh, was chargeable to estate duty. en-us Mon, 03 Nov 1958 00:00:00 +0530 Fri, 09 Oct 2015 14:34:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174524 A wakf settlement reserving a life interest to the settlor fell within section 12 of the Estate Duty Act, 1953, because the reservation covered every item of the settled property during her lifetime. The court rejected the argument that section 12 was excluded where part of the property also answered the ordinary meaning of property passing on death, holding that the deeming fiction in section 12 must operate on the whole settled property. It also held that the instrument was not a gift attracting section 10. Accordingly, the entire wakf property, including the sum of Rs. 1 lakh, was chargeable to estate duty. Case-Laws Income Tax Mon, 03 Nov 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174524