Law:

Section:

Section 12, read with section 2(19) of the Estate Duty Act, 1953 - Settlement with reservation - Deceased executed a Wakf deed in respect of his property creating a Wakf-alal-ul-aulad, with object to arrange for maintenance of his children - He appointed himself as first mutawalli for period of his life and after him, his wife was to be mutawali and after her sons of deceased in succession - Profits from certain properties were set apart for charitable purposes - Deed, as amended by supplementary deeds, provided inter alia that he and his wife, during their respective periods of mutawalliship, would have power to spend income from endowed property for their own personal needs, for benefit of their children and relations or for charity and retained to himself power to make changes in wakf deed so as to modify list of grantees/beneficiaries, their rights and extent of their shares and also right to continue to reside in certain specified house properties - Assistant controller held that wakf properties must be deemed to have passed on deceased's death under section 12, or alternatively, under section 10 - Whether since under wakf deed after making certain payments, balance from income had to be divided amongst wakif's children and their children, generation after generation, and if line of descent became extinct then income from endowed property to extent it was payable to deceased's descendents was to be spent forever on certain charitable deeds, property had to be considered to be 'settled property' and wakf, being a dedication or endowment, and had to be considered to be a settlement within meaing of section 2(19) - Held, yes - Whether inasmuch as property comprised in Wakf passed under a settlement, it was property which fell within scope of section 12 - Held, yes - Whether further under terms and conditions of wakf deed since deceased retained to himself right to reside in certain specified properties, and power to amend terms of wakf deed, list of beneficiaries even to include himself and extent of shares, he reserved an interest in wakf property for life and, therefore, case would fall within scope of section 12 and therefore, not merely interest so…

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