https://www.taxtmi.com/caselaws?id=21981 On the cesser of a deceased's life interest in trust property, the valuation for estate duty was examined under section 7 and section 40 of the Estate Duty Act. The court noted that section 40 draws a distinction between an interest extending to the whole income of property and one extending to less than the whole income. For the latter, clause (b) does not require a simple proportionate taking of the trust property's principal value; it refers instead to the principal value of an addition to the property equal to the income to which the interest extended. On that construction, the Department's valuation method was not supported, and the question was answered in favour of the accountable person. en-us Mon, 29 Apr 1991 00:00:00 +0530 Sat, 05 Dec 2009 12:29:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21981 On the cesser of a deceased's life interest in trust property, the valuation for estate duty was examined under section 7 and section 40 of the Estate Duty Act. The court noted that section 40 draws a distinction between an interest extending to the whole income of property and one extending to less than the whole income. For the latter, clause (b) does not require a simple proportionate taking of the trust property's principal value; it refers instead to the principal value of an addition to the property equal to the income to which the interest extended. On that construction, the Department's valuation method was not supported, and the question was answered in favour of the accountable person. Case-Laws Income Tax Mon, 29 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21981