https://www.taxtmi.com/caselaws?id=12806 Transfer of shares to an irrevocable trust was analysed under the Gift-tax Act, 1958 by examining whether any beneficial interest passed from the settlor to another person. Although creation of a trust involves transfer of property and the trustees acquired legal title, the trust deed showed that the settlor remained the sole beneficiary and retained beneficial ownership during her lifetime. The trustees therefore held the shares only for administration, and the acceleration clause did not divest the settlor of the corpus. On that construction, the transfer did not amount to a taxable gift in the settlor's hands. en-us Fri, 25 Jan 2002 00:00:00 +0530 Fri, 22 May 2009 11:17:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12806 Transfer of shares to an irrevocable trust was analysed under the Gift-tax Act, 1958 by examining whether any beneficial interest passed from the settlor to another person. Although creation of a trust involves transfer of property and the trustees acquired legal title, the trust deed showed that the settlor remained the sole beneficiary and retained beneficial ownership during her lifetime. The trustees therefore held the shares only for administration, and the acceleration clause did not divest the settlor of the corpus. On that construction, the transfer did not amount to a taxable gift in the settlor's hands. Case-Laws Income Tax Fri, 25 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12806