1986 (4) TMI 138

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....On appeal it was argued before the Appellate CED that the provision of s. 36(3) of the ED Act should have been applied. Although the said provision has been inserted w.e.f. 1st March, 1981, it should be deemed go govern such cases even when a death had taken place before that date. Reliance was placed upon a decision of the Bombay High Court in the case of Jehangir Mohd. Ali CED & Ors. (1985) 45 CTR (Bom) 180 : (1985) 155 ITR 637 (Bom). The Appellate CED was, however, of the opinion that the decision of the Bombay High Court was not binding in Jaipur. The provision of ED (Amendment) Act were very clear inasmuch as they were applicable from 1st March, 1981 and the deceased had died on 29th March, 1978. He, therefore, rejected the assessee's ....

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....luation date", occurring therein, had been omitted and as if the references therein to the option of the assessee had been references to the option of the accountable person." Although technically speaking, this has been made effective from 1st March, 1981, the intention of the legislature as a whole appears to be to give the benefit to the Accountable Persons in case of deaths occurring before that. For example, there is a reference to s. 7(4) of the WT Act, the benefit of which is available to certain wealth-tax assessee and it is mentioned in cl. (b) that the said benefit will also be available for the purposes of computing the value in estate duty proceedings. Now sub-s. (4) was inserted in s. 7 by Finance Act, 1976 w.e.f. 1st April,....