Estate Duty Act-Assessments of cases covered by Sec.10 in light of two S.C. judgements.

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.... scope and applicability of section 10 of the Estate Duty Act, 1953 was explained as under:- (I)Where the deceased was a partner in a firm and the monies standing to the credit of his account were gifted by him by transfer entries in the firm's books or property already let out by him to the firm was gifted subject to the tenancy, the gift was not property with complete rights and the benefit d....

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.... better use of the money or property vide: (i) Cliffered John Chick Vs. Commissioner of Stamp duties (37 ITR E.D.89) (ii) George De Cpsta Vs. CED(63 ITR 497) (iii)C.E.D. Vs. R.R. BAKSHI RAM GUPTA (76 ITR 682) (iv) Rash Mohan Chatterjee Vs. CED (52 ITE ED.1) 2. In Kamalavati's case the deceased made a gift of Rs.One lakh to his son and Rs.50,000 to his wife through transfer entries i....