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TMI Blog1978 (4) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... ing question : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 5 lakhs was not liable to be included in the estate of the deceased, Lakhi Prasad Goenka, under section 10 of the Estate Duty Act ? " The facts found and/or admitted are, inter alia, as follows : Out of the assets received by him on partition of a HUF, one Lakhi Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 5 lakhs should be included in the estate of the deceased donor under s. 10 of the E.D. Act for assessment of estate duty. The material part of s. 10 of the E.D. Act, 1953, is as follows : Property taken under Any gift, whenever made, shall be deemed to pass on the donor's death to the extent that bona fide possession and enjoyment of it was not immediately assumed by the donee and then ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on money-lending business. Prior to his death the deceased transferred to his sons and daughter various amounts by adjustment entries in the books of the firm against the balance, to his credit in the firm. The amounts remained with the firm and were utilised in the business. The assessee continued to be a partner of the firm till his death. A question arose whether the sums transferred to the son ..... X X X X Extracts X X X X X X X X Extracts X X X X
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