https://www.taxtmi.com/caselaws?id=27511 Section 12 of the Estate Duty Act, 1953 was analysed as applying to a trust because the phrase "any settlement" was interpreted broadly within the statutory scheme. The article notes that a trust deed clause allowing the settlor, during life, to draw benefits from both income and corpus created a reserved interest in the trust property for life, so the property was treated as passing on death. It also explains that the first proviso to section 12(1) required a positive surrender and at least two years' exclusion of the settlor; mere non-exercise of the right was insufficient, so the proviso did not apply. en-us Fri, 02 Dec 1983 00:00:00 +0530 Sat, 13 Feb 2010 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27511 Section 12 of the Estate Duty Act, 1953 was analysed as applying to a trust because the phrase "any settlement" was interpreted broadly within the statutory scheme. The article notes that a trust deed clause allowing the settlor, during life, to draw benefits from both income and corpus created a reserved interest in the trust property for life, so the property was treated as passing on death. It also explains that the first proviso to section 12(1) required a positive surrender and at least two years' exclusion of the settlor; mere non-exercise of the right was insufficient, so the proviso did not apply. Case-Laws Income Tax Fri, 02 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27511