9911796707
|
Home
Issues:
1. Calculation of relief under section 50B in estate duty assessment. 2. Interpretation of the term "estate duty payable" in section 50B. Analysis: 1. The judgment involves cross-appeals arising from an estate duty assessment of the deceased, focusing on the relief calculation under section 50B. The Assistant Controller used a formula x = m (n - x)/p, while the Appellate Controller substituted it with x = m x n/p. The dispute centered on the correct formula to be applied for working out the relief. The tribunal favored the formula suggested by the Appellate Controller, stating that it aligns better with the language of section 50B. The tribunal relied on authoritative sources to support this decision and dismissed the revenue's appeal, upholding the Appellate Controller's order. 2. The second issue pertains to the interpretation of "estate duty payable" in section 50B. The accountable person argued that the estate duty payable should be based on the duty determined at the assessment under section 58, without deducting any relief granted under other provisions. The tribunal agreed with this interpretation, emphasizing that the estate duty payable should not be altered based on the order in which reliefs under different sections are granted. The tribunal held that the estate duty payable for section 50B relief should be the duty determined at the original assessment under section 58, without considering deductions from other provisions. Consequently, the tribunal dismissed the revenue's appeal and allowed the accountable person's appeal. In conclusion, the tribunal clarified the calculation methodology for relief under section 50B and provided a definitive interpretation of "estate duty payable" in the context of estate duty assessments. The judgment serves as a precedent for future estate duty cases involving similar issues.
|
