https://www.taxtmi.com/caselaws?id=7434 Amounts representing time-barred loans were not includible in the principal value of the estate under the Estate Duty Act because Explanation 2 to section 2(15) applies only where there is an extinguishment of a debt or other right at the expense of the deceased for the benefit of another person. The deeming fiction enlarges "property" for estate duty purposes, but it does not cover extinguishment brought about merely by lapse of time or passive inaction. As there was no factual basis to show that the deceased consciously allowed the debts to become time-barred, the amounts could not be treated as a deemed disposition and were excluded from the estate. en-us Thu, 20 Feb 1969 00:00:00 +0530 Thu, 19 Feb 2009 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7434 Amounts representing time-barred loans were not includible in the principal value of the estate under the Estate Duty Act because Explanation 2 to section 2(15) applies only where there is an extinguishment of a debt or other right at the expense of the deceased for the benefit of another person. The deeming fiction enlarges "property" for estate duty purposes, but it does not cover extinguishment brought about merely by lapse of time or passive inaction. As there was no factual basis to show that the deceased consciously allowed the debts to become time-barred, the amounts could not be treated as a deemed disposition and were excluded from the estate. Case-Laws Income Tax Thu, 20 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7434