TMI Blog1994 (3) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority has discussed this point in paras 7 to 11 of his order. The Accountable Person (AP) disclosed deceased's interest in the partnership firm by the name M/s Reva at Rs. 4,32,758 which was enhanced by the Asstt. Controller of Estate Duty (ACED) to Rs. 5,57,340. The main reason for enhancement of the aforesaid value of interest in the partnership firm was on account of revaluation of the immovable property owned by the firm at Rs. 5,54,000 as against Rs. 3,98,272 shown in the balance-sheet. The first appellate authority determined the value of this property at Rs. 4,31,050 by adopting the land value at the rate of Rs. 85 per sq.yd. Such rate was adopted by him on the basis of value of this very land determined by the Tribunal in the Wea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It has been held that HUF of Ambalal Sarabhai came into being after the death of late Shri Ambalal (who died in July 1967) on 21-12-1968 as a result of gift by Smt. Giraben, one of the daughters of the deceased. The deceased being only a female member cannot be considered as a co-parcener. She would become entitled to a share in the property of the HUF only if there is an actual partition. She as a member of the joint family did not have a right to demand partition. During the subsistence of the family, she had no right over any property of the said HUF. Accordingly there is no passing of any property of the HUF on her death. In view of such findings given by him in para 18, he further observed that the other consequential grounds relatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FB), CED v. Smt. Kalawati Devi [1980] 125 ITR 762 (All.) and CED v. Smt. Ginni Devi Jain [1993] 204 ITR 110 (Pat.) to support the view taken by the CED (Appeals) in favour of the AP. 4.3 We have carefully considered the submissions made by the learned representatives and have also gone through the decisions relied upon by the learned representatives of the parties. In our view the findings given by the first appellate authority in relation to this point is incorrect and cannot be upheld. The contention of the AP that the HUF received the properties for the first time as a result of gift received from Gira Sarabhai in December 1968 has not been disputed by the revenue. It is also true that when Ambalal Sarabhai, husband of the deceased, di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ] 130 ITR 326, the Hon'ble Gujarat High Court held that section 14(1) of the Hindu Succession Act, which provides that any property possessed by a female Hindu, whether acquired before or after the commencement of the Act, shall be held to be her as full owner thereof and not as a limited owner, applied and that one-half vested in her. On the death of the widow her half share in the joint family properties passed and was liable to estate duty. 4.4 Section 14 of the Hindu Succession Act confers upon females full rights of inheritance and sweeps away the traditional limitation of her powers to disposition which were regarded under the Hindu Law as inherent in her estate. In order to attract the provisions of section 14 of the Hindu Successi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g passed on the death of the deceased, whether the share of lineal descendants in the HUF property should be included for rate purposes or not and whether the allowance of maintenance, and marriage expenses of the two unmarried daughters allowed by the ACED was adequate or some more relief was warranted under the facts and circumstances of the present case. The matter shall be decided by the CED (Appeals) afresh after providing reasonable opportunity to both the parties. 5. Now we will consider the assessee's appeal. Ground Nos. 1 to 6 deal with valuation of shares of Reva Investments Pvt. Ltd. This point has been discussed by the CED (Appeals) in paras 2 to 6 of the order passed by him. The CED (Appeals) confirmed the value of shares of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions for valuation with reference to value of assets of the company could not be ignored and as the method under rule 1D was a statutory method where valuation was prescribed with reference to assets of the company that method prescribed under the Wealth-tax Act read with relevant rules was liable to be adopted in relation to the valuation of shares for estate duty purposes. The learned counsel for the assessee submitted that the value declared by the assessee is in fact more than the value as may be determined according to the findings given in the said decision of the Tribunal in Dara B. Mistry's case. He, however, urged that the value declared by the assessee at the rate of Rs. 50 per share may be directed to be accepted. It will also be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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