1984 (8) TMI 185

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.... they are not aggregable inter se under section 34. 2. The facts in this regard are briefly as under : The deceased had taken three policies under the Married Women's Property Act, 1874, the beneficiaries being his sons and wife in respect of each policy. The sums payable under these policies totalled to Rs. 89,230. While holding that the deceased had no interest in these policies and, therefore, the sums payable thereunder have to be treated as a separate, estate under section 34(3), the Assistant Controller, however, aggregated the amounts due under the three policies and subjected the same to duty as a separate unit. 3. On appeal, the Appellate Controller held, that the deceased had no interest in the sums payable under the policies a....

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....leviable in view of the fact that the principal value would exceed the maximum exemption limit. In this connection, a reference to section 34(3) is quite germane to the context. This section is reproduced hereunder : " Notwithstanding anything contained in sub-section (1) or sub-section (2), any property passing in which the deceased never had an interest, not being a right or debt or benefit that is treated as property by virtue of the Explanation to clause (15) of section 2, shall not be aggregated with any property, but shall be an estate by itself, and the estate duty shall be levied at the rate or rates applicable in respect of the principal value thereof. " The section lays down that any property in which the deceased had no interes....