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TMI Blog1977 (4) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... to the whole of the property; but as his interest was not definite the share of the deceased in that property could not fetch fair market value for the reason of joint ownership of the property in question. It was, therefore, claimed that the assessee was entitled to deduction of Rs. 38,000 from the value that was determined for the purpose of wealth-tax. The Asst. Controller rejected that plea of the assessee and on appeal. The Appellate Controller referring to the provisions of S. 39(1) of the E.D. Act confirmed the action of the Asst. Controller. 3. In the further appeal before us the learned Counsel for the accountable person contended that the lower authorities failed to appreciate that a immovable property having joint ownership cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i Chaturvedi & Pithisaria at page 501 while considering the value of an undivided share in a joint property that a purchaser getting only an undivided share in a property will pay a lower price than that what he could have paid if he was getting full ownership thereof. A reduction of about 10 per cent is expected on the property on that account. Further more, it is common knowledge that a purchaser generally hesitates to get an undivided share in a joint property and rather prefer to acquire absolute ownership of a property by payment of higher consideration. In view of that circumstances, we are of the opinion that the accountable person is entitled to deduction of 10 per cent from the value as estimated in wealth-tax assessments in respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case referred to above had no application to the facts to the present case. As against this, the learned Deplt., Rep. contended that it was in view of the clear provisions of the Act every estate shall include all income accrued upon the property included therein down to and outstanding at the date of the death of the deceased. 7. Having heard the submission of both the parties and after considering the facts of the case, we are of the opinion that the submission of the learned Deplt., Rep. is well-founded. Sub-S. (4) of S. 34 has provided for inclusion of income accrued upon the property which is includible under the fiction of law. We find that the gifted amount was actually put to use till the death of the deceased and income, in fact, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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