https://www.taxtmi.com/caselaws?id=37081 Amounts withdrawn from a partner's capital account and later gifted to another person were held not to form part of the deceased's estate under section 10 of the Estate Duty Act, 1953. The court applied the principle that partnership capital is not the exclusive property of the contributing partner once it becomes a trading asset of the firm, in which all partners have an interest. On that basis, the withdrawn sums were not property passing or deemed to pass on death, and were therefore outside the taxable estate. en-us Mon, 18 Dec 1978 00:00:00 +0530 Fri, 26 Mar 2010 12:33:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37081 Amounts withdrawn from a partner's capital account and later gifted to another person were held not to form part of the deceased's estate under section 10 of the Estate Duty Act, 1953. The court applied the principle that partnership capital is not the exclusive property of the contributing partner once it becomes a trading asset of the firm, in which all partners have an interest. On that basis, the withdrawn sums were not property passing or deemed to pass on death, and were therefore outside the taxable estate. Case-Laws Income Tax Mon, 18 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37081