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Issues: (i) Whether the sums gifted by the deceased to his wife and minor son were includible in the estate as property deemed to pass on death under section 10 of the Estate Duty Act, 1953. (ii) Whether the deceased's share in the goodwill of the firm passing on his death was 1/2 or 1/8th.
Issue (i): Whether the sums gifted by the deceased to his wife and minor son were includible in the estate as property deemed to pass on death under section 10 of the Estate Duty Act, 1953.
Analysis: The issue stood covered by binding Supreme Court decisions holding that the gift of the amount to the minor son and the gift to the wife did not attract inclusion under section 10 on the facts found.
Conclusion: The sums were not includible in the estate and the answer was in the negative, in favour of the accountable person.
Issue (ii): Whether the deceased's share in the goodwill of the firm passing on his death was 1/2 or 1/8th.
Analysis: The issue was covered by the binding decision of the Court in an earlier reference on the same question, which settled the extent of the deceased's share in the goodwill.
Conclusion: The deceased's share in the goodwill was not 1/2 as held by the Tribunal, and the answer was in the negative, in favour of the accountable person.
Final Conclusion: Both referred questions were answered against the revenue's stand and the accountable person succeeded on all issues.
Ratio Decidendi: Gifts are not includible under section 10 of the Estate Duty Act, 1953 unless the statutory conditions for deemed passing on death are satisfied, and the deceased's share in goodwill must be determined on the basis settled by the applicable binding precedent.
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