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Issues: (i) Whether estate duty chargeable under section 5 of the Estate Duty Act, 1953 was deductible in computing the principal value of the property passing on the death of the deceased; (ii) Whether the value of the interest of the three male lineal descendants of the deceased in the joint family property was includible under section 34(1)(c) of the Estate Duty Act, 1953 for rate purposes.
Issue (i): Whether estate duty chargeable under section 5 of the Estate Duty Act, 1953 was deductible in computing the principal value of the property passing on the death of the deceased.
Analysis: The issue was treated as fully covered by the existing decision of the Court in prior authority and no reason was found to reconsider that view or refer the matter to a larger Bench.
Conclusion: The estate duty chargeable under section 5 was not deductible in computing the principal value of the property passing on death. The issue was decided against the assessee and in favour of the Department.
Issue (ii): Whether the value of the interest of the three male lineal descendants of the deceased in the joint family property was includible under section 34(1)(c) of the Estate Duty Act, 1953 for rate purposes.
Analysis: The second question was held to be governed by the Court's earlier decision on the same statutory setting, and the same reasoning was applied to reject the assessee's challenge.
Conclusion: The value of the interest of the three male lineal descendants was includible under section 34(1)(c) for rate purposes. The issue was decided against the assessee and in favour of the Department.
Final Conclusion: Both referred questions were answered against the assessee, leaving the Department successful on the entire reference.
Ratio Decidendi: Estate duty chargeable under section 5 is not deductible in computing the principal value of the estate, and the interest of lineal descendants in joint family property is includible under section 34(1)(c) for rate purposes.
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