https://www.taxtmi.com/caselaws?id=40050 A transfer of money to grandnephews was treated as a valid gift of an actionable claim made through cheque, book entries and inferred oral instructions. The decisive issue was whether the donees had bona fide assumed and retained possession and enjoyment of the gifted property to the entire exclusion of the donor. The Court distinguished a donor's continuing benefit arising from separate partnership rights from a benefit reserved in the gifted property itself. Because the amount remained with the firm for business purposes and the donor's advantage was referable only to his partnership interest, section 10 of the Estate Duty Act, 1953 was held not to apply and the amount was not includible in the estate. en-us Tue, 18 Feb 1986 00:00:00 +0530 Wed, 30 Jul 2014 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40050 A transfer of money to grandnephews was treated as a valid gift of an actionable claim made through cheque, book entries and inferred oral instructions. The decisive issue was whether the donees had bona fide assumed and retained possession and enjoyment of the gifted property to the entire exclusion of the donor. The Court distinguished a donor's continuing benefit arising from separate partnership rights from a benefit reserved in the gifted property itself. Because the amount remained with the firm for business purposes and the donor's advantage was referable only to his partnership interest, section 10 of the Estate Duty Act, 1953 was held not to apply and the amount was not includible in the estate. Case-Laws Indian Laws Tue, 18 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40050