TaxTMI 
TaxTMI 
1990 (6) TMI 46
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....d to this court the following question of law for opinion under section 27(1) of the Wealth-tax Act, 1957 : " Whether, on the facts and in the circumstances of the case, the refund under section 50B of the Estate Duty Act, 1953, not having been determined on each one of the valuation dates does not become an asset and hence not includible in the total wealth of the assessee for each one of the th....
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....of refund of estate duty under section 50B, the estate duty liability provided for in the books required to be adjusted. Accordingly, he completed the assessments by taking estate duty liability to be the amount provided for in the books less the amount of refund for computing the net wealth. The Appellate Assistant Commissioner accepted the assessee's claim that the refund of estate duty was subj....
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.... depended on a number of factors such as (i) transfer of any property on which estate duty is leviable (ii) payment of income-tax on capital gains arising from such a transfer and (iii) payment of estate duty out of the proceeds of transfer. If all these conditions are satisfied, estate duty is reduced by a sum which bears to the total amount of tax on capital gains so arising the same proportion ....