https://www.taxtmi.com/caselaws?id=29488 Under the Estate Duty Act, 1953, the principal value of property passing on death is to be taken at its open-market value at the time of death. Estate duty itself arises only on death and is treated by the charging provision as distinct from liabilities attached to the property during the deceased's lifetime. On that basis, estate duty payable on the property passing on death is neither a debt nor an encumbrance deductible under the valuation provisions, and it cannot reduce the principal value of the estate. en-us Thu, 17 Sep 1981 00:00:00 +0530 Sat, 13 Mar 2010 12:39:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29488 Under the Estate Duty Act, 1953, the principal value of property passing on death is to be taken at its open-market value at the time of death. Estate duty itself arises only on death and is treated by the charging provision as distinct from liabilities attached to the property during the deceased's lifetime. On that basis, estate duty payable on the property passing on death is neither a debt nor an encumbrance deductible under the valuation provisions, and it cannot reduce the principal value of the estate. Case-Laws Income Tax Thu, 17 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29488