https://www.taxtmi.com/caselaws?id=17812 Undisclosed profits assessed in the firm's earlier income-tax proceedings could not be included in the deceased partner's estate for estate duty unless the revenue proved that the asset or corresponding property existed on the date of death. Because the additions were only estimated profits spread over prior years and there was no material showing cash, investment, or other property in the deceased's hands at death, no presumption arose that the secret profits continued to exist. The Tribunal's exclusion of the amount from the principal value of the estate was upheld in favour of the assessee. en-us Mon, 15 Apr 1996 00:00:00 +0530 Thu, 24 Sep 2009 18:46:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17812 Undisclosed profits assessed in the firm's earlier income-tax proceedings could not be included in the deceased partner's estate for estate duty unless the revenue proved that the asset or corresponding property existed on the date of death. Because the additions were only estimated profits spread over prior years and there was no material showing cash, investment, or other property in the deceased's hands at death, no presumption arose that the secret profits continued to exist. The Tribunal's exclusion of the amount from the principal value of the estate was upheld in favour of the assessee. Case-Laws Income Tax Mon, 15 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17812