Estate duty deduction denied in computing principal value of estate, following binding precedent on estate valuation.

Estate duty payable on a deceased person's estate was held not deductible while computing the principal value of the estate. The Bombay HC followed binding precedent on the issue and rejected the claim that the estate duty liability could be reduced from the estate valuation. The deduction was therefore disallowed, with the issue decided against the accountable person and in favour of the Revenue.

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Issues: Whether estate duty payable in respect of the deceased's estate was deductible while computing the principal value of the estate.

Analysis: The question was answered by following the binding precedent on the point. The claim for deduction of estate duty liability from the principal value of the estate was rejected.

Conclusion: The deduction was not allowable and the answer was against the accountable person and in favour of the Revenue.

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