https://www.taxtmi.com/caselaws?id=38640 Estate duty under the Estate Duty Act, 1953 is not deductible as either a debt or an incumbrance when computing the principal value of the estate. The principal value is determined by open market value at death under section 36(1), while deductions under section 44 are confined to debts and incumbrances within that provision. Read with section 53(1), estate duty is treated as a personal statutory liability of the accountable person, limited to the assets received, rather than a liability of the estate itself. Section 74(1) creates a first charge on immovable property passing on death, but this does not make estate duty a deductible item under section 44. en-us Tue, 20 Jul 1976 00:00:00 +0530 Wed, 07 Apr 2010 17:59:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38640 Estate duty under the Estate Duty Act, 1953 is not deductible as either a debt or an incumbrance when computing the principal value of the estate. The principal value is determined by open market value at death under section 36(1), while deductions under section 44 are confined to debts and incumbrances within that provision. Read with section 53(1), estate duty is treated as a personal statutory liability of the accountable person, limited to the assets received, rather than a liability of the estate itself. Section 74(1) creates a first charge on immovable property passing on death, but this does not make estate duty a deductible item under section 44. Case-Laws Income Tax Tue, 20 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38640