https://www.taxtmi.com/caselaws?id=36866 A periodic annuity secured by an express charge over specified property was treated as an interest in property for section 7 of the Estate Duty Act, 1953, because the recipient could look to identifiable assets for payment and was not limited to a bare personal covenant. On the deceased's death, the charge stood discharged and the sons were relieved of the burden, so a benefit accrued to them. The annual right to receive the payment was also described as property under section 2(15), and its cessation produced a taxable advantage. The section 40 objection was not considered because it had not been raised in the reference or Tribunal proceedings. en-us Tue, 17 Jul 1979 00:00:00 +0530 Thu, 25 Mar 2010 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36866 A periodic annuity secured by an express charge over specified property was treated as an interest in property for section 7 of the Estate Duty Act, 1953, because the recipient could look to identifiable assets for payment and was not limited to a bare personal covenant. On the deceased's death, the charge stood discharged and the sons were relieved of the burden, so a benefit accrued to them. The annual right to receive the payment was also described as property under section 2(15), and its cessation produced a taxable advantage. The section 40 objection was not considered because it had not been raised in the reference or Tribunal proceedings. Case-Laws Income Tax Tue, 17 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36866