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1990 (6) TMI 70 - BOMBAY HIGH COURTExtract: .......pal value of the estate for estate duty purposes. We uphold the order of the Tribunal that the liability to gift-tax in respect of gifts made by the deceased during his lifetime was deductible from the principal value of the estate. Accordingly, we answer the question in the affirmative and in favour of the accountable person. No order as to costs.
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