9911796707
TMI Blog1969 (7) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... Act had been correctly determined by the Tribunal - Held, yes - - - - - Dated:- 23-7-1969 - Judge(s) : G. K. MISHRA., R. N. MISHRA. JUDGMENT G. K. MISRA C.J.-The question referred by the Tribunal for the opinion of this court runs thus : "Whether, on the facts and circumstances of the case, the amount to be deducted under section 50A of the Estate Duty Act had been correctly determined ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estate of the donor as property passing under the Estate Duty Act, the estate duty payable shall be reduced by an amount equal to the amount of gift-tax paid in respect of such property under the Gift-tax Act. The subject-matter of the aforesaid two gifts was taken into consideration for assessment of estate duty. The question for consideration was as to the amount of gift-tax to be allowed as a d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the 1st day of August, 1958, and, in the case of any other taxable gift, within 15 days of his making the gift, an amount calculated in the manner specified in sub-section (2), he shall, at the time of assessment under section 15, be given credit, in addition to the amount so paid, for an amount equal to 10 per cent. of the amount so paid". Clearly, the gift-tax payable by the assessee was Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... follows : "50A. Relief from estate duty where gift-tax has been paid. -Where tax has been paid under the Gift-tax Act, 1958, in respect of gift of any property and the property is also included in the estate of the donor as property passing under this Act, then, notwithstanding anything contained in this Act, the estate duty payable under this Act shall be reduced by an amount equal to the amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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