1991 (4) TMI 58

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....erence, the Tribunal has referred to this court the following question of law for opinion under section 64(1) of the Estate Duty Act, 1953 : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the amount of Rs. 2,27,197 being the value of the annuity of the deceased adopted under the provisions of the Wealth-tax Act should be taken as the p....

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....pal value of the trust property, i.e., Rs. 4,12,260, the case of the accountable person was that it should be the value that was taken in her wealth-tax assessment, i.e., Rs. 2,27,197. Shri Jetley, learned counsel for the Revenue, has referred to the provisions of sections 7 and 40 of the Estate Duty Act. He stated that the deceased's life interest was admittedly property which was deemed to ce....

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....s than the whole income of the property, be the principal value of an addition to the property equal to the income to which the interest extended." We see no difficulty in appreciating the submission of Shri Jetley as regards clause (a) of section 40. However, the language used in clause (b) is materially different from that of clause (a). It does not follow from clause (b) that in case the lif....