https://www.taxtmi.com/caselaws?id=8224 Section 10 of the Estate Duty Act applies where the donee does not assume and retain bona fide possession and enjoyment of the gifted property to the entire exclusion of the donor. On the stated facts, gifts of actionable claims placed with a partnership in which the donor remained a partner were treated as not having been fully excluded from the donor's enjoyment, so the principal gifted amount was chargeable to estate duty. However, only the principal sum was gifted; the right to earn interest was not part of the transfer, and later interest accruals were not within the taxable estate. Estate duty therefore attached to the principal only, not to the interest accrued on it. en-us Thu, 01 Apr 1971 00:00:00 +0530 Mon, 06 Apr 2009 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8224 Section 10 of the Estate Duty Act applies where the donee does not assume and retain bona fide possession and enjoyment of the gifted property to the entire exclusion of the donor. On the stated facts, gifts of actionable claims placed with a partnership in which the donor remained a partner were treated as not having been fully excluded from the donor's enjoyment, so the principal gifted amount was chargeable to estate duty. However, only the principal sum was gifted; the right to earn interest was not part of the transfer, and later interest accruals were not within the taxable estate. Estate duty therefore attached to the principal only, not to the interest accrued on it. Case-Laws Income Tax Thu, 01 Apr 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8224