1991 (3) TMI 93

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....ance of the accountable person, the Tribunal has referred the following questions for the opinion of this court under section 64(1) of the Estate Duty Act, 1953. The questions referred are : "(1) Whether, on the facts and in the circumstances of the case, the applicant's claim for excluding the surrender value of the policy under the Married Women's Property Act was rightly rejected ? (2) Wh....

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.... the policy amounting to Rs. 20,965 as property that passed on the death of the deceased. He also rejected the further contention of the accountable person that the amount payable as estate duty in the computation of the value of the principal estate must be deducted. The appeal preferred by the accountable person against the assessment was dismissed by the Appellate Controller of Estate Duty who ....

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....nd expressed on the face of it to be for the benefit of his wife, or of his wife and children, or of any of them shall enure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or of any of them, according to the interest so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband or to his creditors or form pa....

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....ction 6 of the said Act, is taken out, it creates an interest in favour of the beneficiary. Once it is held that the deceased married woman had a present interest in the policy, at least to the extent of the surrender value thereof, such interest would be "property passing" on her death within the meaning of section 5 of the Estate Duty Act. Hence, we answer question No, 1 in the affirmative an....