https://www.taxtmi.com/caselaws?id=66457 An accrued right to receive life insurance proceeds on the death of the assured is property for wealth-tax purposes, so later receipt does not exclude it from net wealth even if the assessee follows cash accounting. The omission of that asset from assessment was therefore treated as an apparent mistake and corrected. Estate duty is deductible only to the extent attributable to the property actually passing to the accountable person under the will; any excess payment relating to other legatees or beyond the assessee's share is not fully allowable. The rectification that limited the deduction to the proportionate estate duty was accordingly sustained. en-us Sat, 28 Jul 1984 00:00:00 +0530 Thu, 24 Feb 2011 17:55:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66457 An accrued right to receive life insurance proceeds on the death of the assured is property for wealth-tax purposes, so later receipt does not exclude it from net wealth even if the assessee follows cash accounting. The omission of that asset from assessment was therefore treated as an apparent mistake and corrected. Estate duty is deductible only to the extent attributable to the property actually passing to the accountable person under the will; any excess payment relating to other legatees or beyond the assessee's share is not fully allowable. The rectification that limited the deduction to the proportionate estate duty was accordingly sustained. Case-Laws Income Tax Sat, 28 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66457