https://www.taxtmi.com/caselaws?id=24991 Under estate duty law, a debt owed by a firm could be abated only where the consideration or firm resources were traceable to property derived from the deceased; the tribunal's approach under section 46(1)(b) was accepted. Where the firm's resources were only partly derived from such property, abatement could not extend to the whole liability and had to be confined proportionately by reference to the value of the gifted property brought into the firm against the net firm resources. The statutory nexus therefore limited relief to the attributable portion of the debt. en-us Mon, 12 Jan 1987 00:00:00 +0530 Sat, 23 Jan 2010 16:12:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24991 Under estate duty law, a debt owed by a firm could be abated only where the consideration or firm resources were traceable to property derived from the deceased; the tribunal's approach under section 46(1)(b) was accepted. Where the firm's resources were only partly derived from such property, abatement could not extend to the whole liability and had to be confined proportionately by reference to the value of the gifted property brought into the firm against the net firm resources. The statutory nexus therefore limited relief to the attributable portion of the debt. Case-Laws Income Tax Mon, 12 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24991