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2004 (7) TMI 38 - HC - Income TaxEstate Duty Act, 1953 - "Whether Tribunal was correct in holding that the amount of Rs. 55,350 should be deducted from the value of the estate ignoring the fact that the value of the house taken by the deceased from Avas Avam Vikas Parishad under the hire purchase tenancy agreement was required to be estimated on the basis of instalment actually paid by the deceased?" - From a reading of section 44 it is clear that any debt or incumbrance for which an allowance is made shall be deducted from the value of the property liable thereto. If the authorities have taken the value of the house in question at Rs. 58,000 then liability towards unpaid instalments of Rs. 55,350 if it is taken as debt ought to be deducted from the value of that house. In this view of the matter, the Tribunal was not justified in allowing the liability of Rs. 55,350 while determining the value of the estate left by the deceased. In view of the foregoing discussion, we answer the question referred to us in the negative, i.e., in favour of the Revenue
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