https://www.taxtmi.com/caselaws?id=8890 Section 10 of the Estate Duty Act, 1953 deems gifted property to pass on the donor's death unless the donee immediately assumes bona fide possession and enjoyment and thereafter retains it to the donor's entire exclusion. Cash gifted to the donees was deposited with a firm in which the donor was a partner, and the donor derived benefit through the firm's use of those funds. That benefit meant the donor was not entirely excluded, even though interest was paid on the deposit. The amount was therefore includible in the donor's estate. en-us Tue, 18 Jul 1972 00:00:00 +0530 Wed, 17 Jun 2009 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8890 Section 10 of the Estate Duty Act, 1953 deems gifted property to pass on the donor's death unless the donee immediately assumes bona fide possession and enjoyment and thereafter retains it to the donor's entire exclusion. Cash gifted to the donees was deposited with a firm in which the donor was a partner, and the donor derived benefit through the firm's use of those funds. That benefit meant the donor was not entirely excluded, even though interest was paid on the deposit. The amount was therefore includible in the donor's estate. Case-Laws Income Tax Tue, 18 Jul 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8890