https://www.taxtmi.com/caselaws?id=36355 Section 12(1) of the Estate Duty Act, 1953 applies only where the settlor reserves an interest in the settled property for himself, either alone or with his relatives. Reading the two trust deeds together, the transfer was held to take effect during the settlor's lifetime, with income distributable to the sons in that period. The settlement reserved no right of residence, revocation, or other beneficial interest to the settlor, so the statutory deeming provision was not attracted. The explanation was construed as requiring reservation for the settlor's maintenance as well as that of relatives; a relatives-only arrangement did not suffice. en-us Wed, 04 Jun 1980 00:00:00 +0530 Sat, 20 Mar 2010 18:45:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36355 Section 12(1) of the Estate Duty Act, 1953 applies only where the settlor reserves an interest in the settled property for himself, either alone or with his relatives. Reading the two trust deeds together, the transfer was held to take effect during the settlor's lifetime, with income distributable to the sons in that period. The settlement reserved no right of residence, revocation, or other beneficial interest to the settlor, so the statutory deeming provision was not attracted. The explanation was construed as requiring reservation for the settlor's maintenance as well as that of relatives; a relatives-only arrangement did not suffice. Case-Laws Income Tax Wed, 04 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36355