https://www.taxtmi.com/caselaws?id=23429 Gift-tax liability arising from gifts made during the deceased's lifetime was treated as a deductible debt in estate duty computation under section 44 of the Estate Duty Act, because the liability had crystallised in substance on the relevant date even though the assessment order was completed later. The principal value of the estate was therefore required to reflect liabilities that had accrued against the deceased. Applying the same principle used in wealth-tax matters, the text states that the liability was allowable as a deduction against the estate and the question was answered in favour of the accountable person. en-us Tue, 05 Jun 1990 00:00:00 +0530 Sat, 19 Dec 2009 12:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23429 Gift-tax liability arising from gifts made during the deceased's lifetime was treated as a deductible debt in estate duty computation under section 44 of the Estate Duty Act, because the liability had crystallised in substance on the relevant date even though the assessment order was completed later. The principal value of the estate was therefore required to reflect liabilities that had accrued against the deceased. Applying the same principle used in wealth-tax matters, the text states that the liability was allowable as a deduction against the estate and the question was answered in favour of the accountable person. Case-Laws Income Tax Tue, 05 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23429