https://www.taxtmi.com/caselaws?id=27030 For estate duty valuation, a deceased's life interest passes on death and is valued under the statutory provisions governing passing and valuation of interests; it cannot be treated as equivalent to fractional ownership. Where the interest ceases on death and a benefit accrues by reason of that cesser, the relevant valuation principles apply to the property covered by the interest. The discussion also notes that market value as on the date of death is a factual question, and a capitalization multiplier will not be disturbed unless it is based on a wrong legal principle. The Tribunal's approach was therefore accepted on the multiplier issue, while its equation of life interest with fractional ownership was rejected. en-us Thu, 25 Apr 1985 00:00:00 +0530 Wed, 10 Feb 2010 12:37:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27030 For estate duty valuation, a deceased's life interest passes on death and is valued under the statutory provisions governing passing and valuation of interests; it cannot be treated as equivalent to fractional ownership. Where the interest ceases on death and a benefit accrues by reason of that cesser, the relevant valuation principles apply to the property covered by the interest. The discussion also notes that market value as on the date of death is a factual question, and a capitalization multiplier will not be disturbed unless it is based on a wrong legal principle. The Tribunal's approach was therefore accepted on the multiplier issue, while its equation of life interest with fractional ownership was rejected. Case-Laws Income Tax Thu, 25 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27030