TMI Blog1986 (4) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... of the ED Act should have been applied. Although the said provision has been inserted w.e.f. 1st March, 1981, it should be deemed go govern such cases even when a death had taken place before that date. Reliance was placed upon a decision of the Bombay High Court in the case of Jehangir Mohd. Ali CED Ors. (1985) 45 CTR (Bom) 180 : (1985) 155 ITR 637 (Bom). The Appellate CED was, however, of the opinion that the decision of the Bombay High Court was not binding in Jaipur. The provision of ED (Amendment) Act were very clear inasmuch as they were applicable from 1st March, 1981 and the deceased had died on 29th March, 1978. He, therefore, rejected the assessee s claim for this benefit. The assessee has come up in second appeal before us. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the option of the assessee had been references to the option of the accountable person." Although technically speaking, this has been made effective from 1st March, 1981, the intention of the legislature as a whole appears to be to give the benefit to the Accountable Persons in case of deaths occurring before that. For example, there is a reference to s. 7(4) of the WT Act, the benefit of which is available to certain wealth-tax assessee and it is mentioned in cl. (b) that the said benefit will also be available for the purposes of computing the value in estate duty proceedings. Now sub-s. (4) was inserted in s. 7 by Finance Act, 1976 w.e.f. 1st April, 1976 but there was decisions holding that the benefit thereof can be availed by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the authorities in accordance with the Land Building method. It has been contended that the area of land computed was higher. The rate that has been taken is very excessive. The rent for the purpose of applying of multiple has also been taken at a wrong figure. The multiple itself has been taken at 16.66 which was very high and in any case the market value estimated by the authorities below does not take into consideration the limitation imposed by Urban Land Ceiling Act under which a person cannot hold more than 2,000 sq. meters of land within the Municipal limit of Jaipur and the balance would be taken away form him at a nominal cost. These arguments do appear to have some force and if we were to disturb the value taken in the wealth- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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