https://www.taxtmi.com/caselaws?id=55302 Transfer of shares by a settlor to a trust was treated as a taxable gift where the settlor was also a beneficiary, because the trustees held the property as a distinct legal entity and the settlor's beneficial interest was not absolute. The trust deed allowed the trustees to accelerate distribution and to displace the settlor in favour of other family beneficiaries, so the arrangement was not a mere self-to-self transaction. The elements of transfer, property, donor, donee and gift were satisfied, and the transfer was without consideration. The gift-tax assessment was therefore sustained against the assessee. en-us Tue, 15 Dec 1987 00:00:00 +0530 Wed, 25 Jan 2012 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55302 Transfer of shares by a settlor to a trust was treated as a taxable gift where the settlor was also a beneficiary, because the trustees held the property as a distinct legal entity and the settlor's beneficial interest was not absolute. The trust deed allowed the trustees to accelerate distribution and to displace the settlor in favour of other family beneficiaries, so the arrangement was not a mere self-to-self transaction. The elements of transfer, property, donor, donee and gift were satisfied, and the transfer was without consideration. The gift-tax assessment was therefore sustained against the assessee. Case-Laws Income Tax Tue, 15 Dec 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55302