https://www.taxtmi.com/caselaws?id=40094 Gifted sums invested by the donees in a partnership firm in which the donor was also a partner were not includible in the donor's estate under section 10 of the Estate Duty Act, 1953, because the donor's benefit arose only from his independent status as a partner and not from the gift itself. Section 10 applies only where the donee does not obtain bona fide possession and enjoyment, or where the donor retains a benefit referable to the transfer. Here, the donees retained the property to the donor's entire exclusion, and the donor's partnership interest was treated as an ordinary partnership benefit. The gifted amount therefore remained outside the donor's estate. en-us Fri, 06 May 1988 00:00:00 +0530 Fri, 25 Jul 2014 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40094 Gifted sums invested by the donees in a partnership firm in which the donor was also a partner were not includible in the donor's estate under section 10 of the Estate Duty Act, 1953, because the donor's benefit arose only from his independent status as a partner and not from the gift itself. Section 10 applies only where the donee does not obtain bona fide possession and enjoyment, or where the donor retains a benefit referable to the transfer. Here, the donees retained the property to the donor's entire exclusion, and the donor's partnership interest was treated as an ordinary partnership benefit. The gifted amount therefore remained outside the donor's estate. Case-Laws Indian Laws Fri, 06 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40094