847/CBDT.

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....e of the interest retained by the deceased alone and not the value of the entire property that is to be included in the computation of the principal value of the estate. 2. The Supreme Court recently had an occasion to consider the scope of the expression "to the extent" appearing in Section 10 of the Estate Duty Act, in the case of Controller of Estate Duty, Madras Vs. MST. Parvathi Ammal (Civ....

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....he value of the lodge in the estate duty assessment. The Board in appeal has confirmed the action of the Assistant Controller of Estate Duty. The Madras High Court, however, held that Mayavaram Lodge was a bundle of rights of which possession and enjoyment formed a part. The High Court agreed that there was non-exclusion of the deceased but added that so far as the ownership of the property was co....

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..... These words seek to restrict the liability to pay estate duty in respect of...... only the aforesaid part of fraction of the property. The Supreme Court further observed "The view urged on behalf of the respondent and accepted by the High Court that the estate duty is payable only in respect of the value of the right to possession and enjoyment in the hand of the deceased as a lessee of Mayavara....

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....f the Supreme Court the Board's Instruction No. 684 may be taken as modified to that extent. What is to be included in the estate u/s 10 of the Estate Duty Act is the value of that part of the property itself the possession and enjoyment of which was not assumed immediately by the donees and thence-forward retained to the entire exclusion of the donor; and not merely the value of the right to poss....