https://www.taxtmi.com/caselaws?id=40176 Section 50B of the Estate Duty Act was construed to allow rebate where estate duty was first paid from borrowing raised exclusively for that purpose and the borrowing was later repaid from sale proceeds of estate property within two years of death. The Court accepted a beneficial construction in favour of the accountable person, noting that the transfer was made solely to discharge the estate-duty borrowing and that the statutory link between transfer proceeds and duty payment was satisfied. Because the Act had been repealed, the dispute was treated as sterile and academic, so the High Court's chosen view was left undisturbed. No interest was payable on the rebate or refund. en-us Thu, 14 Oct 1993 00:00:00 +0530 Tue, 15 Jul 2014 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40176 Section 50B of the Estate Duty Act was construed to allow rebate where estate duty was first paid from borrowing raised exclusively for that purpose and the borrowing was later repaid from sale proceeds of estate property within two years of death. The Court accepted a beneficial construction in favour of the accountable person, noting that the transfer was made solely to discharge the estate-duty borrowing and that the statutory link between transfer proceeds and duty payment was satisfied. Because the Act had been repealed, the dispute was treated as sterile and academic, so the High Court's chosen view was left undisturbed. No interest was payable on the rebate or refund. Case-Laws Income Tax Thu, 14 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40176