672/CBDT. - Income Tax - 672/CBDT

INSTRUCTION NO. 672/CBDT Dated : March 27, 1974 Section(s) Referred: 34(1) Statute: Estate Duty Act In T.R. Jayasankar Vs. Assistant Controller of Estate Duty (83 ITR 445), the Kerala High Court held that provisions of Section 34(1) of the Estate Duty Act, 1953 could not be invoked in a case where the property passing on the death of a coparcener of Hindu Joint Family was below the minimum limit of Rs. 50,000/-. The Board have accepted this decision. It is, therefore, clarified that Section 34(1) is relevant only for the purposes of determining the rate of duty but for determining the chargeability under Estate Duty Act it is necessary that the value of the estate passing on death should exceed Rs. 50,000/-.