798/CBDT. - Income Tax - 798/CBDT

INSTRUCTION NO. 798/CBDT Dated : November 23, 1974 Section(s) Referred: 31 Statute: Estate Duty Act Attention is invited to the instruction contained in Board's letter F.No.31/12/65-E.D. dated the 29th July, 1966. It was stated in this instruction that the proposals for grant of Quick Succession relief should be submitted to the Board only when estate duty assessments in the connected cases have become final and that while sending such proposals a certificate to the effect that the estate duty assessments in respect of concerned cases have become final and conclusive should be furnished. 2. The Board have reconsidered the matter. It has now been decided that the relief under that Section should be allowed without waiting for finality of assessments relating to the estate left on successive death. The proposals of quick succession relief, therefore, should be submitted immediately before completing the estate duty assessments so that the estate duty payable on the assessment could be reduced by the amount of quick Succession Relief admissible. It would, however, be necessary to safeguard the interests of revenue by keeping a watch on the results of appellate decisions on the estate duty liability. The Board, therefore, desire that proper record should be maintained for watching the finality of assessments in respect of the estate passing on the first and subsequent deaths and rectification should be made at each stage of the decision of appeals.