https://www.taxtmi.com/caselaws?id=36477 Estate duty payable on a deceased person's property is not deductible in computing the principal value of the estate under the Estate Duty Act, 1953. The court reasoned that the principal value is the open market value of property passing on death, and the duty itself arises only because of death, so a charge created after death under section 74(1) does not reduce that value. It also held that estate duty is not a debt or encumbrance allowable under section 44, because the Act places it after deductible debts and encumbrances. The probate court-fee decision relied on was distinguished as dealing with valuation in the executor's hands, not the value of property passing on death. en-us Mon, 03 Nov 1980 00:00:00 +0530 Mon, 22 Mar 2010 15:35:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36477 Estate duty payable on a deceased person's property is not deductible in computing the principal value of the estate under the Estate Duty Act, 1953. The court reasoned that the principal value is the open market value of property passing on death, and the duty itself arises only because of death, so a charge created after death under section 74(1) does not reduce that value. It also held that estate duty is not a debt or encumbrance allowable under section 44, because the Act places it after deductible debts and encumbrances. The probate court-fee decision relied on was distinguished as dealing with valuation in the executor's hands, not the value of property passing on death. Case-Laws Income Tax Mon, 03 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36477