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1996 (9) TMI 118 - SC - Income TaxWhether the gifts of ₹ 80,000 in all made by the deceased to his two daughters by debiting his capital account and crediting the accounts of the donees in his personal business book could not be included in the principal value of the estate of the deceased under section 10 of the Estate Duty Act? Held that- When the gift was made and accepted, it was unconditional. A week later the donees requested that a partnership be formed and the amounts gifted be retained and utilised as share capital of the donees in the partnership firm to be formed. In the light of the letters written by the donees, as noticed above, we are of the view that there is nothing to suggest that parting with the enjoyment or benefit by the donee, or permitting the donor to share them out of the bundle of rights gifted in the property is referable to the gift. We agree with the contention of learned counsel for the appellant that the facts are more or less identical with the facts in Viswanathan's case [1976 (9) TMI 43 - SUPREME Court] and the ratio laid down therein which has been consistently applied by this court subsequently will apply to the facts of this case. Thus appeal allowed and answer the question referred to the High Court in the affirmative in favour of the accountable persons and against the Revenue.
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