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TMI Blog1981 (4) TMI 152X X X X Extracts X X X X X X X X Extracts X X X X ..... t dispute relates to the valuation of debts due to the Estate. The deceased had advanced Rs. 1,11,000 to Tamil Nadu Transport Limited, a private limited company on the security of properties belonging too Shri P.K. Palaniappa Gounder, its promoter. The said Palaniappa Gounder died on 26th Aug., 1972, while the deceased died on 21st Dec., 1972. Even at the time of death, the possibility of realisation of the debt in full was remote as subsequent events indicate. A decree was obtained on 10th Jan., 1974 for Rs. 1,16,000 in O.S. No. 834 of 1972 in the Sub-Court at Coimbatore. The only asset that could be pursued was three acres of land in excess of Urban Land Ceiling Act. Even the sale was set aside at the instance of the IT Department, who ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted for Rs. 1,53,964. We find that the request is reasonable and is accordingly accepted. The Asstt. Controller is directed to modify the computation accordingly. 3. The next dispute relates to the valuation of a debt due from Palania Murugan Textiles to the extent of Rs. 1,22,806. The deceased had lent Rs. 1,13,000 against 17 hundies in Sept., 1968 to this party through its Managing agents M/s. K. Rajagopal Naidu & Sons. On 6th Aug., 1969 an account was taken and an amount of Rs. 1,21,000 was found due. Thirteen fresh hundies were executed by the borrower. In absence of any recovery of the hundies on due dates, a suit was filed during the life time of decreased in the Sub-Court, Coimbatore, O.S. No. 303 of 1970 and a decree obtained on 25 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds belonging to the partners of managing agency firm was a fact which has much subsequently developed, there is nothing on record to suggest that anything more than 50 per cent of the debt was realisable. Hence, the claim made before the Asstt. Controller ought to have been allowed and the accountable persons are eligible for relief accordingly. 4. The third debt relates to different loans of Rs. 30,000 and Rs. 20,000 advanced to J.D. Radhakrishnan & Brothers covered by two suits for recovery on O.S. 293 & 909 of 1972, one filed by the deceased himself and the other by the legal representatives. In spite of decrees no recovery could be made because the borrowers are running only a small workshop and the accountable persons have not been ab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... howing a much larger value was sought to be distinguished with reference to its alleged more favourable location. The Appellate Controller found that the value based upon a valuer's report for wealth-tax purposes was Rs. 3,000 per acre while nearly Rs. 6,000 per acre was admitted for Estate Duty purposes in 1972. She referred to enquiries made by the Asstt. Controller where some neighbouring lands were sold for Rs. 33,200 per acre for housing purposes in Jan., 1974. Admittedly, the deceased's lands were not so favourable. Again, it was for this reason that the Asstt. Controller fixed it at Rs. 25,000 per acre. The Appellate Controller, however, reduced it to Rs. 20,000 per acre considering the less favoured location and other factors urged ..... X X X X Extracts X X X X X X X X Extracts X X X X
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