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1998 (7) TMI 89 - SC - Income TaxWhether the settlor had retained in the property gifted, any benefit to himself by contract or otherwise? Held that:- In the present case, the settlor does not appear to have reserved for himself any interest which would be sufficient to bring his case within section 12(1). All the cases which have been cited before us are cases in which the settlor had, in some form or the other, reserved the right to receive income or part of it from the settled property during his lifetime either by way of maintenance or in a similar form. Such is not the case here. The provisions of section 12(1) would not, therefore, be attracted to the present trust created by the settlor during his lifetime. This will be more so since, in fact, the settlor did not receive any amount from the said trust during his lifetime. Nor did he undertake any pilgrimage. Looking, however, to the language of section 12(1), the facts in the present case do not indicate that any interest within the meaning of section 12 was retained by the settlor in the settled property for life or any other period determinable by reference to his death. Hence, section 12(1) is not attracted. In favour of appellant
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