https://www.taxtmi.com/caselaws?id=39033 A deed styled as a settlement was treated as testamentary in character where the executants retained enjoyment for life and the beneficiaries were to take only after their deaths. The Court held that the label of the instrument, its registration, and an irrevocability clause were not conclusive; the document had to be read by its substance and operative disposition. Because no interest passed in praesenti to any settlee, the instrument was a will and not a gift, so it did not constitute a taxable transfer under the Gift-tax Act, 1958. en-us Tue, 13 Jul 1976 00:00:00 +0530 Mon, 12 Apr 2010 11:11:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39033 A deed styled as a settlement was treated as testamentary in character where the executants retained enjoyment for life and the beneficiaries were to take only after their deaths. The Court held that the label of the instrument, its registration, and an irrevocability clause were not conclusive; the document had to be read by its substance and operative disposition. Because no interest passed in praesenti to any settlee, the instrument was a will and not a gift, so it did not constitute a taxable transfer under the Gift-tax Act, 1958. Case-Laws Income Tax Tue, 13 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39033