https://www.taxtmi.com/caselaws?id=24000 A settlement deed that expressly reserves a life interest in the settlor attracts section 12(1) of the Estate Duty Act, 1953 unless the first proviso is satisfied by proved surrender of that interest and exclusionary enjoyment by the settlee for at least two years before death. The stated facts were treated as insufficient to show such surrender or exclusive enjoyment. The document also explains that default in payment of the monthly amount under the deed does not, by itself, extinguish the reserved life interest; extinction requires a properly executed and registered instrument, not mere default or implied surrender. en-us Wed, 19 Apr 1989 00:00:00 +0530 Fri, 15 Jan 2010 17:16:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24000 A settlement deed that expressly reserves a life interest in the settlor attracts section 12(1) of the Estate Duty Act, 1953 unless the first proviso is satisfied by proved surrender of that interest and exclusionary enjoyment by the settlee for at least two years before death. The stated facts were treated as insufficient to show such surrender or exclusive enjoyment. The document also explains that default in payment of the monthly amount under the deed does not, by itself, extinguish the reserved life interest; extinction requires a properly executed and registered instrument, not mere default or implied surrender. Case-Laws Income Tax Wed, 19 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24000