1997 (4) TMI 40

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....dents have passed the impugned order whereby the estate duty has been levied on the two portions of the property valued at Rs. 2,71,500 and Rs. 1,90,000. This value was arrived at on the basis of the valuation report submitted by the valuation cell. The petitioners' short grievance is that while passing the impugned assessment order on June 25, 1987, the respondents totally ignored and overlooked the circular issued by the Central Board of Direct Taxes, vide their Instruction No. 1758. This instruction was issued on 15/19th May, 1987. It means that as on the date of the passing the impugned order on June 25, 1987, the instruction in question was admittedly in operation. In other words, it also means that the Assessing Officer was obliged....

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....als that in all cases where the returned principal value did not exceed Rs. 7.5 lakhs, the assessment should have been completed in terms of section 58(1) of the Estate Duty Act, 1953. In those cases, however, where a notice was issued upon the person accountable under section 58(2) of the Act, the instruction said that the assessment should be completed under section 58(3) of the Act, but in the manner as if the assessment proceeding was under section 58(1) of the Act. The instruction also stated that if for any special reasons the Assessing Officer is of the view that compliance with the instructions Nos. (i) and (ii) in any particular case would be highly detrimental to the Revenue, he may with the prior approval of the Controller of Est....