1985 (2) TMI 64

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....essment of Smt. Soonabai C. Gazdar, who died on 5-1-1967. Smt. Gazdar owned some of the properties which passed on the death of Mrs. Mody who died on 9-7-1966. Since the same property was involved in the estate duty assessments relating to successive deaths, the Assistant Controller had to work out the quick succession relief under section 31 of the Estate Duty Act, 1953 ('the Act') in respect of the present accountable person. In so doing it would appear that the Assistant Controller deducted from the value of the property entitled to the quick succession relief computed at Rs. 2,63,634 a sum of Rs. 21,369 on account of proportionate estate duty liability relating to the asset included in both the assessments. The Controller (Appeals) acce....

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....Voltas and Gurudeo Co-op. Housing Society Ltd. and balance with the Central Bank of India. The deposits are subject to accrual of interest. Naturally the balance with the Central Bank also must be subject to change depending on payments into or drawings out of the bank. There is a time lag of about six months between the two deaths. We are told that during the interim period there was a trustee in charge of these deposits looking after the interests of the second deceased as a beneficiary. The details as to why a trustee was appointed and why the administration and distribution took a long time or at any rate whether administration, etc., expenses of the trustees would not have affected the trust property as against accretion on account of ....