TaxTMI 
TaxTMI 
1987 (2) TMI 111
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....aluation date is31-3-1978. At the assessment stage, assessment was framed at a positive figure of Rs. 7,21,781 (rounded off to Rs. 7,2,800) vide assessment order dated 1-3-1983 as against the returned figure of wealth of Rs. 4,07,035. The assessment order reveals that following additions were made: (i) Wealth left by the assessee's mother, taken as per Estate Duty order Rs. 2,98,191; and (ii) Value of properties left by the father of the assessee as per Estate Duty order Rs. 4,80,687. Exemption available under section 5(1)(A) of the Act and estate duty and taxes payable were allowed as deduction in accordance with the law, but the total controversy revolves around the above two items of addition. The reasoning in the assessment order ....
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..... We have perused very carefully photostat copies of the wills which are claimed to have been executed by the mother and the father of the assessee. Both these wills were executed atNew Delhion11-2-1976. We have also gone through the copy of assessee's written submissions filed with the learned Appellate Assistant Commissioner along with photostat copies of the probate orders. 4. The assessee's mother (late) Pullambil Kousalia Narayanan by her will appointed her only daughter the assessee as the sole executrix and the executrix was first to pay out of her mother's estate, all the debts of the deceased mother (if any) and other dues payable. The residue was to devolve upon jointly on the assessee and the assessee's father. It was also sti....
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.... had to obtain probate and naturally so, so that not only authenticity is attached to the wills, but also since in the case of the estate of the assessee's mother, her brother Shri P. K. Padama Nabhan was a respondent; the petitioner being the assessee. As regards the will of the assessee's father; the assessee being the petitioner, her brother Shri P. J. Padama Nabhan along with two minors Kousalia Padama Nabhan and Narayanan Padma Nabhan were respondents. In the case of the estate of assessee's mother the probate proceedings stood completed and probate granted in favour of the assessee by the learned Court of the subordinate judge ofCoimbatorevide orders dated 13th day of September, 1979 made in original petition No. 72 of 1979. In the ca....
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....ting the net wealth on any valuation date under this section, any assets of the estate distributed to, or applied to the benefit of, any specific legatee of the estate prior to that valuation date shall be excluded, but the assets so excluded shall, to the extent such assets are held by the legatee on any valuation date, be included in the net wealth of such specific legatee on that valuation date. Explanation: In this section, "executor" includes an administrator or other person administering the estate of a deceased person." The above section stipulates a situation where assessment is to be made in the case of executrix, the one we are presently seized of, and it provides that the net wealth of the estate of a deceased person shall ....
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....I of the same enactment comprising sections 316 to 331 deal with the duties of an executor. Chapter VIII of the said Act comprising sections 332 to 337 deals with the topic.' Assent to a legacy by executor'. Chapter VI, VII and VIII of the above Act deal with powers of executor; duties of executor and Assent to a legacy. For the purposes of the present appeal, in terms of section 332 of the said Act, the 'Assent' of the executor is necessary to complete a legatee's title to his legacy and under section 336, the 'Assent' to a legacy by an executor gives effect to it, from the death of an executor. Section 335 provides that," When the executor or an administrator is a legatee, his 'Assent' to his own legacy is necessary to complete his title ....