Law: Estate Duty Act, 1950

Section: 59,59A(1),38

(a) Estate Duty Act (X of 1950)---S. 59-A(1)--Estate Duty Rules, 1950, R.38--Inclusion of amount as cash left by the deceased--In absence of any cogent evidence and basis that factually the deceased had left behind cash on the date of his death, Controller or the Appellate Tribunal, held, was not justified in including the amount as cash left by the deceased--Mere fact that deceased's son had committed theft, which incident was reported to the police and that the deceased was fond of horse racing, would not prove that factually the deceased had any particular amount of cash on the date of his death. (b) Estate Duty Act (X of 1950)-- ---S. 59-A(1)--Estate Duty Rules, 1950, R.38--Inclusion of price of horses (3 horses owned by deceased and 20 horses sold on contingency) left by deceased--Basis--No other method of valuation of horses was provided to the Controller or Appellate Tribunal by the accountable persons--Tribunal, held, was justified in taking as the principal value the total amount OT--the recoveries made from 20 horses during 6 years succeeding the death of the deceased. (c) Estate Duty Act (X of 1950)-- ---S. 59-A(1)--Estate Duty Rules, 1950, R.38--Valuation of building-¬Accountable persons had not produced any evidence as to the original purchase price which the deceased had paid nor any other evidence to indicate the market value obtaining in respect of similar buildings in the area--Held, in the absence of any material made available to the Controller or Appellate .Tribunal, valuation of the building twenty, times of the annual rental value of the building was just and proper. (d) Estate Duty Act (X of 1950)-- ---S. 59-A(1)--Estate Duty Rules, 1950, R.38--Earnest money for purchase of plot of land paid by the deceased being an asset or debt recoverable by the accountable persons, it was rightly included in the estate. JUDGMENT AJMAL MIAN, J.-- This is an application under section 59-A(1) of the Estate Duty Act, 1950, hereinafter referred to as the Act read with Rule 38 of the Estate Duty Rules, 1950, hereinafter referred to as the Rules whereby the following four questions have been raised "(1) Whether there was no evidence to justify that the…

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