1976 (1) TMI 65

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....n the deceased for her life time. After the death of the deceased, the properties are to be enjoyed by the deceased's son for his life time and after his death, the properties are to vest on the son's son as absolute owners. The Asstt. CED came to the conclusion that on the death of the deceased, there was a change in the beneficial ownership of the properties and the properties passed from her ha....

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.... that there was cessor of only the beneficial interest on the death of the deceased and that beneficial interest, which passed on the death of the deceased, should be taken as the property passing on the death of the deceased. It is further contended that instead of taking the principal value of the settled properties, only the life interest of the deceased should assessment evaluated and taken in....

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....sing on her death and it can be brought to charge under s. 7 of the Estate Duty Act. The only question that requires to be considered is how to evaluate that beneficial interest passing on the death of the deceased. The answer to this question is provided by s. 40 (a), which states as under: "The value of the benefit accruing or arising from the cessor of an interest ceasing on the death of the....

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....arable to that of s.7(5) of the U.K. finance Act, 1894 and the expression came up for judicial interpretation of the House of Lords in C.I.R. vs. Graham and Others (3). The question arose for consideration was whether the words" at the time of the death" mean the exact moment of death or do they mean the moment after death. It was held that the words therein to the moment after death. Applying the....