1992 (9) TMI 78

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ate Tribunal has referred the following three questions to this court for its opinion under section 64 of the Estate Duty Act, 1953 : " 1. Whether the shares of the lineal descendants of the deceased are required to be aggregated for rate purposes for computing the principal value of the estate under section 34(1)(c) of the Estate Duty Act ? 2. Whether the estate duty payable on the estate i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ITR 533, has held that the entire HUF property has to be taken into account for the purpose of working out the value of the interest of the lineal descendants of the deceased for the purposes of section 34(1)(c) of the Act. This court also held that the interest of all the lineal descendants of the deceased in the joint family property or HUF property has to be aggregated so as to form one estate ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....or the purpose of the Estate Duty Act. Therefore, question No. 2 will have to be answered in the negative. The third question referred to us is with respect to outstanding professional fees. This point is also covered by two decisions of the Supreme Court. In CWT v. Vysyaraju Badreenarayana Moorthy Raju [1985] 152 ITR 454, the Supreme Court has held that the value of a property on a legal plane....