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2009 (11) TMI 97 - SC - Income TaxRefund – The deceased was a partner in a firm, which was engaged in the business of exporting tea. It exported tea to the U. S. S. R. - On the facts, Tribunal found that, at the relevant time, the market conditions in the U. S. S. R. were not congenial; that there was huge volatility in the tea export business; that export of tea had huge volatility even otherwise; and, in the circumstances, the Tribunal applied the multiplier of one year’s purchase instead of three years’ purchase for evaluating the goodwill of the firm. – Held that this aspect was a purre question of fact and the Supreme Court would not interfere - On the question as to whether the refund in question which became payable after the death, Tribunal and the High Court concurrently held that the refund had not become due (crystallised) on October 18, 1984, when V. G. Saraf passed away. In fact, on that day, the claim for refund under the Act was pending adjudication. Such refund stood determined only after the demise of the deceased. Hence, such refund cannot be considered to be a property available at the time of the death for the purpose of estate duty
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