https://www.taxtmi.com/caselaws?id=37486 For estate duty purposes under section 10 of the Estate Duty Act, property is excluded from the principal value only if the donee immediately assumes bona fide possession and enjoyment and retains it to the donor's entire exclusion. Where wet lands settled on the wife remained under a subsisting lease and the donor continued to receive and use the rent, exclusive possession was not established, so the value was includible. The same result followed for wet lands settled on the daughter, because the donor retained rent in his account and the lessee continued to attorn to him. A house bought in the wife's name and later gifted to the daughter was also includible, as the donor retained and exercised an enforceable right of residence, defeating the statutory exclusion. en-us Mon, 13 Mar 1978 00:00:00 +0530 Tue, 30 Mar 2010 11:27:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37486 For estate duty purposes under section 10 of the Estate Duty Act, property is excluded from the principal value only if the donee immediately assumes bona fide possession and enjoyment and retains it to the donor's entire exclusion. Where wet lands settled on the wife remained under a subsisting lease and the donor continued to receive and use the rent, exclusive possession was not established, so the value was includible. The same result followed for wet lands settled on the daughter, because the donor retained rent in his account and the lessee continued to attorn to him. A house bought in the wife's name and later gifted to the daughter was also includible, as the donor retained and exercised an enforceable right of residence, defeating the statutory exclusion. Case-Laws Income Tax Mon, 13 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37486