Law: Estate Duty Act, 1950

Section: 38,39,42,4

(a) Estate duty--- ------Cash-in-hand---Assessment-Deceased withdrawing an amount of Rs. 500 from his Savings Bank Account a few days before his death ­Presumption that enough cash-in-hand was available-Held, unjust ­Addition knocked off. (b) Estate Duty Act (X of 1950)---Ss. 38, 39 & 42 read with S. 4-Hydrogenated Vegetable Oil Industry (Control and Development) Act (LXV of 1973), S. 5-Stock in shares- Valuation-Deceased owning shares in private limited Company- Such Company taken over by Federal Government in pursuance of Act of 1973-Value of shares of deceased in such Company passing on to accountable persons ascertainable with reference to value of total assets of Company-Second mode of valuation on basis of open market value cannot be adopted in such case-Ascertainment of assets of Company and value of shares-Not dependent on know ledge of ex-share holders-Controller of Estate Duty, in his wide discretion, can take into consideration all facts made available to him or any material relevant for valuation of assets-Question of published or unpublished information of balance-sheet-Held, irrelevant considera­tion--Valuation of shares of deceased by Controller on basis of documents including balance-sheet available to him and amount of compensation paid by Government to accountable persons about two months after deceased's death-Held: Cannot be brushed aside merely because certain balance-sheet had not been published or certain material not available at time of deceased's death was made use of ­Value of shares, in circumstances of case, to be made with reference to value of total assets of Company i.e. break up value-Held, further that market value of shares in question could not be taken as Nil­ [By majority] Per Muhammad Mazhar Ali and Abrar Hussain Naqvi, Members; A. A. Zuberi, Member (contra). 1974 P T D 119; (1978) 37 Taxation 41 (Trib.); (1977) 35 Taxation 14 (Trib.); (1966) 13 Taxation 26 (Trib.); (1898) I Q B 355; Salvesen's Trustees v. I. R. C. (1930) S I T 386; Inland Revenue, The Commissioners v. Crossman, (1937) A C 26; Finaly's Trustees v. Inland Revenue Commissioner (1938) 22 A T C 43; In re: Lynell (1970) 75 1 T R 564; In re: Holt (1953) 1 W L R…

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