https://www.taxtmi.com/caselaws?id=9251 Section 10 of the Estate Duty Act, 1953 applies where gifted property is not bona fide possessed and enjoyed by the donee to the entire exclusion of the donor. Money gifted by a donor to his sons was immediately brought in as capital into a partnership firm in which the donor was also a partner. Because partnership capital becomes partnership property and no partner has exclusive ownership or possession during the subsistence of the firm, the donor retained dominion and benefit in the gifted funds. The gifted amount was therefore treated as not excluded from the donor's enjoyment, and it was regarded as forming part of the estate for duty purposes. en-us Tue, 08 May 1973 00:00:00 +0530 Sat, 20 Jun 2009 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9251 Section 10 of the Estate Duty Act, 1953 applies where gifted property is not bona fide possessed and enjoyed by the donee to the entire exclusion of the donor. Money gifted by a donor to his sons was immediately brought in as capital into a partnership firm in which the donor was also a partner. Because partnership capital becomes partnership property and no partner has exclusive ownership or possession during the subsistence of the firm, the donor retained dominion and benefit in the gifted funds. The gifted amount was therefore treated as not excluded from the donor's enjoyment, and it was regarded as forming part of the estate for duty purposes. Case-Laws Income Tax Tue, 08 May 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9251