https://www.taxtmi.com/caselaws?id=29480 Section 10 of the Estate Duty Act applies only where the donee has not bona fide assumed possession and enjoyment of gifted property to the entire exclusion of the donor. Cash gifts credited to the sons' accounts with a firm were not includible in the estate because the donees became creditors in their own right and the donor's use of the funds through the firm did not show retained possession or beneficial enjoyment. The gifted immovable properties were also excluded because the rents were enjoyed by the donees and the donor was fully excluded from the property's benefit. The gifted assets were therefore outside inclusion in the principal value of the estate. en-us Tue, 20 Jul 1982 00:00:00 +0530 Sat, 13 Mar 2010 12:13:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29480 Section 10 of the Estate Duty Act applies only where the donee has not bona fide assumed possession and enjoyment of gifted property to the entire exclusion of the donor. Cash gifts credited to the sons' accounts with a firm were not includible in the estate because the donees became creditors in their own right and the donor's use of the funds through the firm did not show retained possession or beneficial enjoyment. The gifted immovable properties were also excluded because the rents were enjoyed by the donees and the donor was fully excluded from the property's benefit. The gifted assets were therefore outside inclusion in the principal value of the estate. Case-Laws Income Tax Tue, 20 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29480