TMI Blog1976 (1) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... are to be enjoyed by the deceased s son for his life time and after his death, the properties are to vest on the son s son as absolute owners. The Asstt. CED came to the conclusion that on the death of the deceased, there was a change in the beneficial ownership of the properties and the properties passed from her hands to her son, the next life estate holder of the properties and should, therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and that beneficial interest, which passed on the death of the deceased, should be taken as the property passing on the death of the deceased. It is further contended that instead of taking the principal value of the settled properties, only the life interest of the deceased should assessment evaluated and taken into account for purpose of estate duty assessment. In support of this contention the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The only question that requires to be considered is how to evaluate that beneficial interest passing on the death of the deceased. The answer to this question is provided by s. 40 (a), which states as under: "The value of the benefit accruing or arising from the cessor of an interest ceasing on the death of the deceased shall, if the interest extended to the whole income of the property, be the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udicial interpretation of the House of Lords in C.I.R. vs. Graham and Others (3). The question arose for consideration was whether the words" at the time of the death" mean the exact moment of death or do they mean the moment after death. It was held that the words therein to the moment after death. Applying the ratio of the above decision to the facts of the present case, the value of the propert ..... X X X X Extracts X X X X X X X X Extracts X X X X
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