1990 (10) TMI 26

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....stances of the case, the Tribunal was correct in finding that it is not possible on an interpretation of the gift deed in the present case to come to the conclusion that in the absence of a fresh agreement after the expiry of the period of two years benefit had been reserved in favour of the donor ? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was right in finding that exemption under section 33(1)(o) is available in this case ?" The matter arises in connection with levy of estate duty on one Hajee Abdul Latiff Hajee Essa Sait. He died on November 25, 1967. Long before his death, the deceased had executed a gift deed in respect of 9 items of house property in favour of his daughter, Kadija Bai, on Septem....

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....ber 30, 1962 ; nor was it from the income of the properties. There was no enforceable right for the donor to claim the amount after the expiry of the two year period ; nor was there any enforceable obligation against the donee. In these circumstances, the Appellate Tribunal held that after the period of two years of the gift deed dated September 30, 1962, the gifted property was possessed and enjoyed by the donee to the complete exclusion of or benefit to the donor, under any contract or otherwise, that any amount paid to the deceased after the expiry of two years from the date of the gift deed dated September 30, 1962, is not referable to the said gift and so the properties held by the donee as per the gift deed dated September 30, 1962, c....