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1980 (10) TMI 59 - SUPREME COURTWhether the shares, assuming that the shares in dispute really belonged to Sri K. M. Mitra, deceased, in the circumstances of the case, constituted property which passed on the death of Sri K. M. Mitra for the purposes of section 5 of the Estate Duty Act ? Held that:- In view of the finding that the shares were purchased by the deceased benami in the name of his wife and sons, etc., the real ownership of the property was vested in the deceased who was entitle to deal with the same as if it were his own and the benamidars held it in trust under s. 82 of the Indian Trusts Act, 1882, for the benefit of the deceased. The benamidars, subject to the equities flowing from s. 41 of the Transfer of Property Act, 1882, could not deal with the shares in any way. Accordingly, the estate belonged to the deceased who died possessed of the same, and under s. 5(1) of the Act the entire value of the shares was includible in the principal value of the estate of the deceased on his death. For these reasons, the judgment of the High Court is set aside and the question is answered in the affirmative and in favour of the Controller.
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