https://www.taxtmi.com/caselaws?id=39764 Estate duty payable by the accountable person is not deductible in computing the net principal value of the estate under the Estate Duty Act, 1953. The charging and valuation scheme taxes property passing on death at open market value, while deductions are confined to debts and encumbrances specifically allowed by the statute. Because the provision creating the first charge places estate duty after those allowable deductions, the liability does not become a deductible pre-death debt or encumbrance. The question was answered against the accountable person and in favour of the Revenue. en-us Wed, 30 Jan 1974 00:00:00 +0530 Tue, 20 Apr 2010 11:54:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39764 Estate duty payable by the accountable person is not deductible in computing the net principal value of the estate under the Estate Duty Act, 1953. The charging and valuation scheme taxes property passing on death at open market value, while deductions are confined to debts and encumbrances specifically allowed by the statute. Because the provision creating the first charge places estate duty after those allowable deductions, the liability does not become a deductible pre-death debt or encumbrance. The question was answered against the accountable person and in favour of the Revenue. Case-Laws Income Tax Wed, 30 Jan 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39764