2002 (12) TMI 554

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....the addition of Rs. 25,000 representing CDS amount is justified. He argued that the CED(A) has erred in deleting the addition on the plea that the estate of the deceased remained unadministered. The Ld. Counsel for the accountable person argued that the CDS amount of Rs. 25,000 belonged to the estate of late husband of the deceased and the deceased's name appeared as a nominee in the bank account. We have considered the rival submissions. We find that the CDS amount of Rs. 25,000 belonged to the estate of late Shri Tulsidas Kilachand, husband of the deceased and the deceased's name appeared only as a nominee in the bank account and the deceased was not the assignee thereof. The CED(A) gave a finding that the estate of the late husband of th....

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.... to furnish the details thereof inspite of number of reminders given by the Assessing Officer and therefore the estimate of 50 per cent shares of the deceased in HUF assets of Rs. 5.0 lacs by the Assessing Officer is justified. The Ld. D.R argued that the share in heirloom, works of arts and furniture in house at three places owned jointly by the late husband of the deceased and his brothers were rightly valued by the Assessing Officer. He argued that the contention of the AP that these items have no sale value is not acceptable. He argued that the right of the deceased to choose and to take for herself such jewellery and other articles as she may desire out of the items owned by her late husband as per clause 7 of his Will and also right t....

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.... that, according to the terms of the Will dated 19-1-1983 of the deceased, she had disclaimed her legacy or right to choose specified assets as conferred on her by her husband's Will of the year 1976. The paras 2 & 3 of the Will of the deceased dated 19-1-1983 are reproduced hereunder:- "2. Under the Will of my late husband Tulsidas Kilachand, I was entitled to choose and take for myself such jewellery, ornament and gold and silver articles as I may desire, I have not chosen to take any of the jewellery ornaments, gold or silver articles left by my late husband and I have, therefore, no right, title or interest therein. 3. Under the Will of my late husband, I was also entitled to choose and take for myself such of the personal belongi....