9911796707
TMI Blog1978 (7) TMI 145X X X X Extracts X X X X X X X X Extracts X X X X ..... the accountable person has come up in appeal before us. There is only one ground of appeal i.e., inclusion of Rs. 35,330 credited in the Trust-account, in the estate of the deceased. 4. It appeared that the deceased created a 'Trust' styled as Badrinarayan Patni Trust and settled upon it a sum of Rs. 25,000 by transfer from his account in the year ending Diwali, 1955. This amount remained in deposit with the firm of M/s. Chaturbhuj Badrinarain Patni in which the deceased was a partner during his life-time. This deposit of Rs. 25,000 earned interest from the partnership-firm. A part of this income from interest was spent on the objects of the Trust. At the time of the death there were Rs. 35,330 which remained credited in the name of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s placed on the decision of CED, Madras vs. Smt. Parvai Ammal (2). 8. We have heard the counsels of the rival parties and also perused the decision of the Supreme Court cited by them. It is seen that the facts of the case cited by the learned counsel of the accountable person are similar to those of the instant case. In the case cited by the learning counsel, the facts were that the deceased transferred amounts to his sons and daughters by adjustment entries in the books of the firms against the balance to his credit in the firms. The amounts continued to remain with the firm and were utilised in the business and the deceased continued to be a partner of the firm till his death. The question was whether the sum so transferred could be inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt in a firm of which she was a partner. She made certain gifts from deposit-account. As a result, debit-entried were made in her account and credit-entires were made in her account of the donees. No cash was paid to the donees. Interest was credited to the donees. The amount standing in the deposit-account was utilised by the firm prior to the gift and it continued to be so used after the amounts were transferred to the donee's accounts. The question was whether section 10 applied and the amounts gifted were liable to be included in the estate of the deceased. It was held that immediate possession and enjoyment of the property was taken by the donee as the deposit-account of the deceased in the firm was debited and simultaneously credit-e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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