TaxTMI 
TaxTMI 
2001 (2) TMI 132
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....gh Court at Madras (see [1993] 200 ITR 422) on a reference application under the Estate Duty Act made at the behest of the Revenue. The following questions were considered by the High Court: "(1) Whether, on the facts and in the circumstances of the case, the value of the agricultural lands settled by the deceased in favour of his wife, includ ing those lands which the lady settled in favour of h....
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....ered this first question in the affirmative and in favour of the Revenue. As is obvious, the question relates to section 10 of the said Act. The relevant portion thereof reads thus: "10. Property taken under any gift, whenever made, shall be deemed to pass on the donor's death to the extent that bona fide possession and enjoyment of it was not immediately assumed by the donee and thenceforward r....
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.... husband. The Tribunal said: "Looking at the position, therefore, we have nothing before us to hold that all the transactions from 1956 to 1962 are bogus or manipulated or a make-believe. Transfers made to the settlees were by registered deeds. There is nothing to show that the settlees had not taken possession of these lands and enjoyed them for themselves. Some of the settlees of the deceased ....
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.... the deceased, by contract or otherwise. The deceased had absolutely no benefit or enjoyment left in these transferred properties. It was upon this basis that the Tribunal held in favour of the appellant. The High Court, in the judgment under appeal, has traversed all the evidence that was placed before the Tribunal and, upon an assessment thereof, come to the contrary conclusion. Learned coun....