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Issues:
1. Deduction related to a decree debt in OS No. 232 of 1961 2. Deduction for a compromise decree in OS No. 254 of 1956 Analysis: The judgment pertains to references under the Estate Duty Act, 1953, involving deductions claimed by the widow of the deceased individual, A. V. Srinivasalu Naidu. The first issue revolves around a decree debt in OS No. 232 of 1961, where the deceased was a partner in a firm facing misappropriation allegations. The accountable person sought the entire decree amount as a deduction, but the Appellate Controller allowed only one-third, leading to appeals. The Tribunal upheld the Appellate Controller's decision, emphasizing the deceased's liability only to the extent of one-third of the decree amount. The judgment concluded that Rs. 1,99,465 would be admissible as a deduction for this issue. Moving on to the second issue, it involves a compromise decree against the deceased in OS No. 254 of 1956 related to estate mismanagement allegations by his nephews. The accountable person claimed a deduction of Rs. 1,75,000, which was initially rejected by the Assistant Controller but allowed by the Appellate Controller. The Tribunal upheld this decision, stating that the compromise was advantageous and bona fide. The judgment affirmed the deduction of Rs. 1,75,000 for this issue, rejecting the Revenue's appeal. The judgment also addressed related cases, ensuring consistency in decisions across various references. In TC No. 76 of 1977, the accountable person's entitlement to costs was confirmed, and the respondent's interest was aligned with the second question's answer from TC Nos. 77 to 79 of 1977. Additionally, TC Nos. 1354 and 1355 of 1977 were disposed of based on the answers provided in TC Nos. 77 to 79 of 1977, maintaining uniformity in the judgment's application across related cases.
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