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2. The settlor of the first part shall be entitled to enjoy 'B' Schedule property for his life without any powers of alienation and after his lifetime the settlee of the second part shall be entitled to absolutely own and enjoy the 'B' Schedule mentioned property.
3. The settlee of the second part shall be liable to pay gift-tax, if any, which may be levied in respect of this settlement.
4. The settlor of the first part hereby declares that this settlement is irrevocable.

6. In our view this document has to be construed only as a settlement deed and not as a will, as it creates a life interest in favour of the settlor and further conveys the vested remainder in favour of the settlee on the date of execution of the document itself though the possession and enjoyment of the settled property to the settles is postponed after the lifetime of the settlor who has no power of alienation under the document. Further this document has been stamped as a deed of settlement by paying stamp duty of Rs. 3,770 on the value of the property settled at Rs. 1,45,000 as stated in Clause (5) of the deed and it is also registered. So we are unable to agree with the contentions urged on behalf of the appellant that this document should be construed only as a will and not as a gift, merely because the settlee is entitled to take the property only after the lifetime of the settlor in whose favour there is a life interest only without any powers of alienation.

9. In our view the ratio of these two decisions of the Madras High Court are directly applicable to the facts of the present case and applying the tests laid down in these two decisions, we come to the conclusion that the document in question is an irrevocable deed of settlement, which creates vested remainder in praesenti in favour of the son of the appellant, though there is a postponement of the enjoyment of the rights by the son after the lifetime of the settlor.
10. In the decision of the Madras High Court in the case of P. Ayya Naidu (supra) the facts were entirely different as could be seen from the recitals of the document as well as the head note. In fact, at page 503 of the reports their Lordships have held as follows on a reading of the recitals in the said document:
Even a casual reading of the above recitals will clearly show that there are absolutely no words to indicate the present vesting of any interest in favour of the daughters and grandehildren of the vested remainder after the life interest of the assessee and his wife. On the other hand, the following specific recitals will clearly indicate that the assessee intended that the vested remainder granted in favour of the daughters and grandchildren should take effect only after the lifetime of his wife and himself :
Again at page 504 their Lordships have held as follows :
Thus, there is a specific recital that the vesting of the remainder interest should take effect after the lifetime of the spouse and on the next day of the death of the settlor. Hence, it is futile on the part of the Revenue to contend that the document contained recitals expressing the intention of the donor that the vested remainder should take effect from the date of the document.
The next contention of the Revenue that because the donor has undertaken not to change or revoke the document, the document amounts to a gift deed cannot be correct in Jaw, when it is found that the transfer of interest is directed to take effect only after the lifetime of the executant, as the executant has not deprived himself of his interest in the property during the interval, since it is open to him to dispose of any property before the vesting date. It is because of such a situation, the document can be treated only as a will and not as a gift deed. If the document is a gift deed, there should be a present vesting of interest though the entering into possession and enjoyment of the property may be postponed to a later date.