https://www.taxtmi.com/caselaws?id=25333 Section 12(1) of the Estate Duty Act, 1953 applies only where the settlor has reserved an interest in the settled property, expressly or by implication, or has retained a power to restore the property to himself. On the stated facts, the trust deed did not reserve any such interest: the temporary and permanent objects did not permit the settlor to reclaim the property, and the power to amend or cancel the temporary objects did not divert the property back to him, as any savings could be applied only to the permanent objects. The Explanation could not be enlarged by reading "and" as "or"; it was meant to cover reservations for the settlor and his relatives, not relatives alone. en-us Fri, 10 Apr 1987 00:00:00 +0530 Thu, 28 Jan 2010 10:18:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25333 Section 12(1) of the Estate Duty Act, 1953 applies only where the settlor has reserved an interest in the settled property, expressly or by implication, or has retained a power to restore the property to himself. On the stated facts, the trust deed did not reserve any such interest: the temporary and permanent objects did not permit the settlor to reclaim the property, and the power to amend or cancel the temporary objects did not divert the property back to him, as any savings could be applied only to the permanent objects. The Explanation could not be enlarged by reading "and" as "or"; it was meant to cover reservations for the settlor and his relatives, not relatives alone. Case-Laws Income Tax Fri, 10 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25333