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TMI Blog1989 (3) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... me-tax Appellate Tribunal (in short, "the Tribunal") has referred the following question of law for the decision of this court: "Whether, on the facts and circumstances of the case, the value of the properties covered by the settlement deed dated 30-8-1124 (M. B.), are includible in determining the principal value of the estate, as property passing on the death of the deceased?" The assessment t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perties to the extent of the arrears. It was also stipulated that if any default is committed, the donor could enter the property, take the yield and for arrears create a charge on the property and realise the amount due. The Assistant Controller of Estate Duty, in determining the duty payable, held that on the death of the deceased, the value of the properties settled should also he taken into ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellate Tribunal held that the deed was one creating an interest in favour of the donor and it restricted enjoyment of the gifted properties by the donees. Applying the principle laid down by the Allahabad High Court in K. C. Srivastava v. CED [1979] 117 ITR 221, the Appellate Tribunal held that the deceased donor was not entirely excluded from possession and enjoyment of the gifted properties and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st the properties. Reservation was also made, enabling the donor to create a charge on the properties for arrears and for amounts due. In the light of the above categoric provision in the settlement deed, we have no doubt that the gifted properties cannot be said to have been possessed and enjoyed by the donees to the complete exclusion of the donor or to the exclusion of any benefit arising to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... joyment of the gifted properties. The Appellate Tribunal was justified in holding so. There is no error of law . In the light of our conclusion, we answer the question referred to us in the affirmative, against the accountable person and in favour of the Revenue. We should state that the decision of the Allahabad High Court in K. C. Srivastava v. CED [1979] 117 ITR 221 bears close resemblance to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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