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Issues: Whether the release by a coparcener of his interest in movable property of a Hindu undivided family, without any actual partition or ascertainable share, amounted to a disposition of property within Explanation 2 to section 2(15) of the Estate Duty Act, 1953 so as to attract sections 9 and 27 of the Act.
Analysis: The release deed did not follow any partition, severance of status, or division by metes and bounds. The deceased merely relinquished an inchoate coparcenary right in the joint family movable property. Explanation 2 to section 2(15) deems extinguishment of a right to be a disposition only where the right extinguished can be treated as property and its value can be ascertained. In the case of an undivided Hindu coparcenary, no definite share can be predicated until partition, and there is no statutory notional partition under Explanation 2 comparable to section 39(1). Since the correct value of the supposed share could not be determined at the date of release, the statutory fiction could not operate.
Conclusion: Explanation 2 to section 2(15) was not attracted and the inclusion of the amount in the principal value of the estate was unsustainable.
Ratio Decidendi: A release of an unascertained coparcenary interest in joint Hindu family property, where no actual or notional partition has occurred and the released right cannot be valued with precision, does not constitute a disposition of property under Explanation 2 to section 2(15) of the Estate Duty Act, 1953.
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