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- Dispute over the value of debt due from a deceased individual to another party for estate duty assessment. Analysis: The judgment involves an appeal by the Revenue challenging the adoption of the value of debt due from a deceased individual, Shri P.F. Bharucha, to A.R. Chowdhary for estate duty assessment. The Asstt. CED had valued the debt at Rs. 1,00,156, while the Appellant CED argued for a lower value of Rs. 3,000. The deceased had made advances to Chowdhary, totaling Rs. 74,500, with outstanding interest. The Appellate Controller considered the efforts made to recover the debt, including a visit to Chowdhary's workshop and subsequent legal actions. The Appellate Controller estimated the value of the debt at Rs. 3,000, considering Chowdhary's financial position and lack of valuable assets. The Revenue appealed the decision. The Appellate Tribunal analyzed the evidence and material presented, concluding that the debt due from Chowdhary could not be valued at more than Rs. 3,000, as estimated by the Appellate Controller. The Tribunal noted that the deceased's last substantial loan to Chowdhary was in August 1963, with no major advances thereafter. Despite efforts to collect the debt, including legal actions and insolvency proceedings, no significant recovery was made. Chowdhary's insolvency further indicated his financial inability to repay the debt. Considering these factors, the Tribunal upheld the Appellate Controller's valuation of the debt at Rs. 3,000, dismissing the Revenue's appeal. In summary, the judgment revolves around the valuation of a debt due from a deceased individual to another party for estate duty assessment. The Appellate Tribunal upheld the valuation of the debt at Rs. 3,000, considering the debtor's financial position, lack of valuable assets, and unsuccessful recovery efforts. The Tribunal dismissed the Revenue's appeal, emphasizing the lack of grounds to interfere with the Appellate Controller's decision.
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