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of <h1>Estate Duty Act: Timely Action Required by Assistant Controllers to Prevent Revenue Loss from Delayed Submissions u/s 53(3).</h1> Under Section 53(3) of the Estate Duty Act, 1953, individuals responsible for Estate Duty must submit an account of all properties subject to duty within six months of the deceased's death. The Controller of Estate Duty can extend this period, potentially with interest charges. A case highlighted that an Assistant Controller failed to act on a request for an extension, preventing interest charges. The Board emphasizes the need for timely action by Assistant Controllers to prevent revenue loss due to delayed estate duty return submissions.
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