1983 (2) TMI 48

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....(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in deleting the addition of Rs. 1,78,485 made u/s. 9(1) read with section 27(l) of the Estate Duty Act ? (2) Whether, on the facts and in the circumstances of the case, the action of the deceased in not taking any share of the goodwill on his retirement from the firm, M/s. Shadi Ram Ganga Prasad, on June 27,1968, resulting in 'deemed gift' u/s. 9(1) read with section 27, Explanation 2, to section 2(15) of the Act ? (3) Whether, on the facts and in the circumstances of the case, the estate duty levied under section 5(2) of the Act, is deductible in ascertaining the ' principal ' amount for the purpose of this section ? " One G....

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.... HUF and that inasmuch as the sum of Rs. 1,75,000 did not represent the entire value of the estate of the deceased thereunder, the value of the estate left by the deceased, for the purpose of the Act, was to be treated to be Rs. 3,53,485 on the basis that the value of the property of the HUF in its entirety was Rs. 10,60,456. The remaining amount of Rs 1,78,485 was, therefore, added to the estate of the deceased which, according to the Controller, was deemed to pass at the time of his death. This view was affirmed in appeal, but in second appeal before the Income-tax Tribunal, the view taken by the Tribunal was that sum of Rs. 1,78,485 bad to be excluded while computing the value of the estate of the deceased. This was on the ground that pa....