TaxTMI 
TaxTMI 
1985 (2) TMI 66
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....oonabai C. Guzdar, who died on 5th Jan. 1967. Smt. Guzdar owned some of the properties which passed on the death of Mrs. Mody who died on 9th July 1966. Since the same property was involved in the estate duty assessments relating to successive deaths, the Asstt. Controller had to work out the quick succession relief under s. 31 of the Act in respect of the present accountable person. In so doing i....
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....8,65,000 and balance with the Central Bank of Rs. 34,834 totalling upto Rs. 8,99,834. Admittedly other assets are included in both the assessments as passing on the death. As seen from the order giving effect to an earlier appellate order, the Asstt. Controller computed 50per cent of the sum of Rs. 8,99,834 as liable to duty. From this he worked out the doubly assessed sum at Rs. 4,49,917. Since o....
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....l 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 administration and distribut....
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....s sought to be included in the second assessment. The position, would not change if instead of cash balance it is a bank balance. The more specific question would be out of an amount of cash or bank balance, say Rs. 34,834 in this case every rupee going to make Rs. 34,834 is "any property" as specified in s. 31 or the entire Rs. 34,834 would qualify for it. Basically, therefore, where cash is invo....