9911796707
TMI Blog1998 (11) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... er in the statute book. The amount in respect of which much argument was advanced was also comparatively trivial. The Estate Duty Officer had engaged in a complex exercise for the purpose of ascertaining the exact amount of relief to which the accountable person was entitled under section 50B of the Estate Duty Act, 1953. The Tribunal having held in favour of the accountable person, these referenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cumstances of the case, the amount paid towards estate duty under section 50B of the Act includes payment financed directly or indirectly by the sale of properties and not just chronologically sequential payments after the sale ?" The answers to these questions have to be provided by construing the relevant sections of the Act. Even a cursory reading of the sections does not admit of any doubt. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax on the total income including the capital gain was only Rs. 2,115. The tax paid on the capital gains is therefore to be computed on the difference, viz., Rs. 14,530 and not by computing the average rate of tax and taking into account the burden on the capital gains at Rs. 10,420. It is the burden of tax imposed on the assessee by reason of capital gains that is required to be taken into accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate duty payable. The second question is answered in favour of the Revenue and against the assessee. As regards the third question, the answer thereto also must be in favour of the assessee in the light of the decision of the Supreme Court in CED v. Roshan Jahangir Gandhi [1994] 205 ITR 428. The Supreme Court therein approved the view of the High Court which had held that amounts borrowed for pay ..... X X X X Extracts X X X X X X X X Extracts X X X X
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