https://www.taxtmi.com/caselaws?id=38953 Section 10 of the Estate Duty Act, 1953 applies where gifted money is not retained by the donee to the donor's entire exclusion after the gift. The text explains that if the donee contributes the gifted amount as capital in a partnership firm while the donor remains a partner, the money becomes partnership property and a trading asset of the firm, so the donor continues to derive benefit through the partnership. On that reasoning, the amount was treated as property deemed to pass on the donor's death, and the issue was answered in favour of the Revenue. en-us Sun, 04 Apr 1976 00:00:00 +0530 Sat, 10 Apr 2010 14:43:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38953 Section 10 of the Estate Duty Act, 1953 applies where gifted money is not retained by the donee to the donor's entire exclusion after the gift. The text explains that if the donee contributes the gifted amount as capital in a partnership firm while the donor remains a partner, the money becomes partnership property and a trading asset of the firm, so the donor continues to derive benefit through the partnership. On that reasoning, the amount was treated as property deemed to pass on the donor's death, and the issue was answered in favour of the Revenue. Case-Laws Income Tax Sun, 04 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38953