https://www.taxtmi.com/caselaws?id=35645 Section 10 of the Estate Duty Act, 1953 applies only where the donee bona fide assumes possession and enjoyment of gifted property and thereafter retains it to the entire exclusion of the donor and any benefit to the donor. The note states that this requirement is cumulative and, on the facts, was not met because trust monies were deposited with the donor's sole proprietary business and used by him in that business against interest. In a sole proprietorship, the donor and the business beneficiary are the same person, so the donor continued to enjoy the benefit of the gifted funds until repayment. The gifted sums were therefore treated as includible in the estate. en-us Thu, 02 Jul 1981 00:00:00 +0530 Mon, 15 Mar 2010 17:24:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35645 Section 10 of the Estate Duty Act, 1953 applies only where the donee bona fide assumes possession and enjoyment of gifted property and thereafter retains it to the entire exclusion of the donor and any benefit to the donor. The note states that this requirement is cumulative and, on the facts, was not met because trust monies were deposited with the donor's sole proprietary business and used by him in that business against interest. In a sole proprietorship, the donor and the business beneficiary are the same person, so the donor continued to enjoy the benefit of the gifted funds until repayment. The gifted sums were therefore treated as includible in the estate. Case-Laws Income Tax Thu, 02 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35645