https://www.taxtmi.com/caselaws?id=23011 Gifted money deposited in a partnership firm was not automatically brought back into the estate under section 10 of the Estate Duty Act, 1953. The provision applies only where the donee does not retain bona fide possession and enjoyment to the donor's entire exclusion, or where the donor continues to derive a benefit clearly referable to the gift itself. On the stated facts, the donor's status as a partner and any advantage from the firm's use of funds did not, by themselves, establish such retained benefit. The gifted amounts were therefore excluded from the principal value of the estate. en-us Wed, 04 Apr 1990 00:00:00 +0530 Wed, 16 Dec 2009 10:42:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23011 Gifted money deposited in a partnership firm was not automatically brought back into the estate under section 10 of the Estate Duty Act, 1953. The provision applies only where the donee does not retain bona fide possession and enjoyment to the donor's entire exclusion, or where the donor continues to derive a benefit clearly referable to the gift itself. On the stated facts, the donor's status as a partner and any advantage from the firm's use of funds did not, by themselves, establish such retained benefit. The gifted amounts were therefore excluded from the principal value of the estate. Case-Laws Income Tax Wed, 04 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23011