https://www.taxtmi.com/caselaws?id=150387 Rectification under the Estate Duty Act is permitted where the assessment record shows an apparent mistake in valuation or omission of property, and the concept of mistake is not limited to clerical or arithmetical errors. A sale of shares to relatives may also fall within the statutory deeming provisions as a disposition for less than full consideration, so that the unpaid element is treated as property deemed to pass on death unless the accountable person rebuts the presumption of bounty by proving fair consideration. On the stated facts, both the rectification and the inclusion of the share value were upheld. en-us Fri, 29 Sep 1967 00:00:00 +0530 Tue, 14 May 2013 11:40:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150387 Rectification under the Estate Duty Act is permitted where the assessment record shows an apparent mistake in valuation or omission of property, and the concept of mistake is not limited to clerical or arithmetical errors. A sale of shares to relatives may also fall within the statutory deeming provisions as a disposition for less than full consideration, so that the unpaid element is treated as property deemed to pass on death unless the accountable person rebuts the presumption of bounty by proving fair consideration. On the stated facts, both the rectification and the inclusion of the share value were upheld. Case-Laws Income Tax Fri, 29 Sep 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150387