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1988 (5) TMI 36 - SC - Indian LawsWhether the trust deeds attracted and fell within section 12(1) of the Act? Held that:- The subject-matter of the deeds are not, respectively, 11/16ths share and 1/2 share in the properties. The whole of the properties are conveyed upon trust. There is, therefore, no scope for this submission that the subject-matter of the trust deeds, is essentially a matter of construction of the deeds. Contention Dr. Ghosh rejected that there is really no transfer of the share corresponding to the benefit reserved. in the present case, the benefits reserved emanate from the very properties constituting the subject-matter of the settlements and cannot be said to be collateral in their nature. The distinction between a case of a benefit arising " collaterally " and a case of the benefit being reserved by " implication " would require to be kept clearly distinguished. This is not a case where several distinct properties or parcels (of properties) are settled and a beneficial interest is reserved out of one alone when it might be possible to predicate that all properties comprised in such settlement, which must be held to be composite deed dealing with several items, do not attract section 12(1) but only the parcel out of which an interest is carved out and reserved for the settlor's benefit.
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