Home Case Index All Cases Indian Laws Indian Laws + SC Indian Laws - 1988 (5) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1988 (5) TMI 35 - SUPREME COURTWhether, on the facts and in the circumstances of the case, the provisions of section 10 of the Estate Duty Act, 1953, were applicable to this case ? Held that:- The deceased gifted ₹ 25,000 to each of his four sons and almost immediately thereafter the firm of Sanghi Brothers was constituted as aforesaid in which the said four sons invested ₹ 25,000 each received from the father. As already pointed out, the father as well as the sons had shares in the said partnership.In these circumstances, it cannot be said that by reason of constitution of the said partnership and the investment of the said amounts by the sons in the partnership, the donees' sons had not assumed bona fide possession and enjoyment of the amounts gifted to them or that they had not retained the same to the entire exclusion of their father. In our opinion, the said amount of ₹ 1 lakh could not be included in the estate of the said deceased under the provisions of section 10 of the Estate Duty Act. Appeal allowed in favour of the accountable person (appellant).
|