https://www.taxtmi.com/caselaws?id=37778 Section 10 of the Estate Duty Act, 1953 applies only to the property actually taken under the gift, and its focus is on whether the donee assumed bona fide possession and retained enjoyment of that very property to the exclusion of the donor. Where the gifted subject-matter was cash, later acquisition of immovable property with that cash did not convert the purchased asset into the gifted property unless the gift itself required application of the money in a particular way. Accordingly, property subsequently bought from gifted cash is not treated as property taken under the gift for estate duty purposes. en-us Tue, 06 Feb 1979 00:00:00 +0530 Thu, 01 Apr 2010 10:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37778 Section 10 of the Estate Duty Act, 1953 applies only to the property actually taken under the gift, and its focus is on whether the donee assumed bona fide possession and retained enjoyment of that very property to the exclusion of the donor. Where the gifted subject-matter was cash, later acquisition of immovable property with that cash did not convert the purchased asset into the gifted property unless the gift itself required application of the money in a particular way. Accordingly, property subsequently bought from gifted cash is not treated as property taken under the gift for estate duty purposes. Case-Laws Income Tax Tue, 06 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37778