Estate Duty-Interest u/s 64(7). - Income Tax - 1318/CBDT

INSTRUCTION NO. 1318/CBDT Dated: March 12, 1980 Pursuant to a reduction in the principal value of an estate by a High Court Order, refund alongwith interest may become payable to the accountable person under Section 64(7)of the Estate Duty Act, 1953. The rate of interest has, however, not been specified under the said section. 2. The Board have recently had an occasion to consider as to what should be the rate of interest payable u/s 64(7) of the Act. It has been decided that it would be reasonable to allow interest at the rate of 6%.