https://www.taxtmi.com/caselaws?id=36760 Section 46 of the Estate Duty Act applied where the deceased transferred Rs. 50,000 to the Hindu undivided family and then borrowed it back, because the debt consideration was traceable to property derived from the deceased and there was a real nexus between the transfer and borrowing. The abatement of the debt deduction was therefore upheld against the assessee. Section 10 did not apply to the reduction in the deceased's partnership share in favour of his sons, as the transfer did not amount to a taxable gift of goodwill on the facts found. The reference was thus answered partly for the Revenue and partly for the assessee. en-us Thu, 05 May 1977 00:00:00 +0530 Wed, 24 Mar 2010 13:06:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36760 Section 46 of the Estate Duty Act applied where the deceased transferred Rs. 50,000 to the Hindu undivided family and then borrowed it back, because the debt consideration was traceable to property derived from the deceased and there was a real nexus between the transfer and borrowing. The abatement of the debt deduction was therefore upheld against the assessee. Section 10 did not apply to the reduction in the deceased's partnership share in favour of his sons, as the transfer did not amount to a taxable gift of goodwill on the facts found. The reference was thus answered partly for the Revenue and partly for the assessee. Case-Laws Income Tax Thu, 05 May 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36760