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TMI Blog1968 (11) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... in the occupation of the firm as a tenant. In August, 1953, by a registered document, he settled the property absolutely and irrevocably on his two sons, C. R. Lingiah and C. R. Krishnan. Even thereafter the firm continued to be in the occupation of the premises, but the rents accruing were thenceforward credited in equal shares to the relative accounts of the donees in its books. The partnership came to an end on April 30, 1957. On March 30, 1953, long before its dissolution, the firm was asked by Ramiah Gounder to transfer from his loan account with it a sum of Rs. 1 lakh to the credit of each of his 5 sons in equal shares of Rs. 20,000 by opening separate accounts in their individual names in the firm's books. The Tribunal, differing fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it unnecessary to traverse the same field. We have also George Da Costa v. Controller of Estate Duty which explains the purport of section 10. It is in two parts, the first providing that, to the extent of non-exclusion of the donor from possession and enjoyment of the subject-matter of the gift, the property shall be deemed to pass on the donor's death. The second covers benefit secured or available to the donor by contract or otherwise in respect of the whole or any part of the subject-matter of the gift and to the extent of such benefit, the property gifted shall be deemed to pass. We do not think that the second limb of this section has any application. Nor is there room to hold, on the view we take on the facts, that there was non-excl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... but an actionable claim. The donor had lent moneys to the firm and from out of the credit in his favour with the firm, he directed it in writing signed by him to transfer a sum of Rs. 20,000 to each of his sons by way of a gift. An " actionable claim ", as defined by section 3 of the Transfer of Property Act, means a claim to any debt, other than a debt secured by mortgage of immovable property, or by hypothecation or pledge of movable property, or to any beneficial interest in movable property not in the possession, either actual or constructive of the claimant, which the civil courts recognise as affording grounds for relief, whether such debt or beneficial interest be existent, accruing, conditional or contingent. Here, movable property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in certain banks and a different firm, but in the names of his wife and son under " either or survivor " accounts. The Tribunal, on these facts, was not satisfied that there was any gift at all of the sum by the deceased to his wife. It is argued before us that the Tribunal's conclusion is not supported by any material. In our view, that is not correct. We start with the fact that the amount initially belonged to the deceased. Unless, therefore, facts are established which would show that there was a subsequent gift of the money to the wife, the inference must follow that the property passed on the death of the deceased. No doubt it would appear to have been taken as a ground in the appeals before the revenue and perhaps before the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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