https://www.taxtmi.com/caselaws?id=8436 Section 10 of the Estate Duty Act, 1953 applies where gifted property is not retained by the donee in bona fide possession and enjoyment to the entire exclusion of the donor. The decisive test is whether the donor was wholly excluded from the subject-matter of the gift. On the stated facts, the gifted money was placed with a firm in which the donor continued as a partner until death, so the donor remained entitled to the use of the firm's assets, including the invested funds. Arguments based on debtor-creditor character, interest, or trustee discretion did not displace that conclusion. The amount was therefore includible in the deceased's estate. en-us Mon, 16 Aug 1971 00:00:00 +0530 Wed, 15 Apr 2009 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8436 Section 10 of the Estate Duty Act, 1953 applies where gifted property is not retained by the donee in bona fide possession and enjoyment to the entire exclusion of the donor. The decisive test is whether the donor was wholly excluded from the subject-matter of the gift. On the stated facts, the gifted money was placed with a firm in which the donor continued as a partner until death, so the donor remained entitled to the use of the firm's assets, including the invested funds. Arguments based on debtor-creditor character, interest, or trustee discretion did not displace that conclusion. The amount was therefore includible in the deceased's estate. Case-Laws Income Tax Mon, 16 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8436