https://www.taxtmi.com/caselaws?id=12239 Where a deceased had a right to receive the whole income from property, the cessation of that life interest on death attracted estate duty under section 7 because a benefit accrued to the persons who then became entitled to enjoy the income. The resulting benefit was also valued under section 40 by the statutory method applicable to interests extending to the whole income of the property, with the principal value of the property taken as the measure. The absence of actual receipt of income or power to alienate the property did not displace the statutory valuation rule. en-us Tue, 13 Aug 2002 00:00:00 +0530 Sat, 20 Feb 2010 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12239 Where a deceased had a right to receive the whole income from property, the cessation of that life interest on death attracted estate duty under section 7 because a benefit accrued to the persons who then became entitled to enjoy the income. The resulting benefit was also valued under section 40 by the statutory method applicable to interests extending to the whole income of the property, with the principal value of the property taken as the measure. The absence of actual receipt of income or power to alienate the property did not displace the statutory valuation rule. Case-Laws Income Tax Tue, 13 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12239