https://www.taxtmi.com/caselaws?id=23225 A joint guarantee liability was treated as a bona fide contractual liability deductible in computing estate duty because a surety's liability is co-extensive with the principal debtor's and the deceased remained liable at death. As the bank had unsuccessfully pursued the principal debtor and no effective reimbursement was available, the liability was deductible. However, because the obligation was joint and several, section 44(b) of the Estate Duty Act confined the deduction to the deceased's own share of the burden. The Tribunal was therefore correct in allowing deduction of one-half of the guarantee liability from the estate. en-us Fri, 08 Jun 1990 00:00:00 +0530 Thu, 17 Dec 2009 16:26:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23225 A joint guarantee liability was treated as a bona fide contractual liability deductible in computing estate duty because a surety's liability is co-extensive with the principal debtor's and the deceased remained liable at death. As the bank had unsuccessfully pursued the principal debtor and no effective reimbursement was available, the liability was deductible. However, because the obligation was joint and several, section 44(b) of the Estate Duty Act confined the deduction to the deceased's own share of the burden. The Tribunal was therefore correct in allowing deduction of one-half of the guarantee liability from the estate. Case-Laws Income Tax Fri, 08 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23225