1978 (4) TMI 34 - HC - Income Tax

Summary

The High Court of Calcutta ruled that a sum of Rs. 5 lakhs gifted by the deceased, Lakhi Prasad Goenka, to Gouri Prasad Goenka was not liable to be included in the deceased's estate for assessment of estate duty under section 10 of the Estate Duty Act. The Tribunal accepted the accountable person's contention, citing a Supreme Court decision, and allowed the appeal. The judgment was in favor of the accountable person.