1994 (1) TMI 30

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....ion has been referred by the Income-tax Appellate Tribunal under section 64(1) of the Estate Duty Act, 1953: " Whether the findings of the Tribunal that the value of the property known as 'Lal Godam' will not be includible in the dutiable estate is in keeping with the provisions of section 10, read with section 27 of the Estate Duty Act?" The late Kundanlal Singhai owned the property known a....

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....usion was upheld by the appellate authority. The Income-tax Appellate Tribunal, in the appeal filed by the assessee, held that the trust deed was never acted upon and, therefore, the gift deed was valid. Since the gift deed did not attract the provisions of section 9 of the Act, the value of the subject-matter of the gift deed was directed not to be included in the principal value of the estate....

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....ircumstances shall be deemed to pass on the donor's death. The condition precedent is that bona fide possession and enjoyment was not immediately assumed by the donee, but retained to the entire exclusion of the donor. The Appellate Tribunal has held-rightly or wrongly-that the gift is valid and has taken effect. That being so, it cannot be said that bona fide possession and enjoyment was not imme....