1991 (4) TMI 58 - HC - Income Tax

Summary

The High Court of Bombay ruled in a departmental reference case regarding the computation of the value of a deceased's life interest in a trust property. The court held that the value of the annuity should be taken as the property passing under section 7 of the Estate Duty Act and not the sum adopted on the basis of section 40 of the Act. The court's decision favored the accountable person.