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TMI Blog2001 (9) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... 960 and the loan of Rs.1,09,423 having been advanced to the deceased five years later--the Tribunal has nevertheless proceeded to hold that section 46 of the Estate Duty Act, 1953, was attracted and, therefore, part of the debt outstanding may not be regarded as having abated to the extent of the amount that had been gifted in 1960 - Learned counsel referred to a number of decisions of this court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ivered by R. JAYASIMHA BABU J.- The Tribunal, after having held that the material on record does not show anything to connect the amount derived by the deceased's wife by way of gift, with the subsequent loan advanced by her the gift of Rs.30,000 having been made in the year 1960 and the loan of Rs.1,09,423 having been advanced to the deceased five years later-the Tribunal has nevertheless proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh to merely hold, as the Tribunal has done, that the use of the words "at any time" in the section would permit setting off the amount of the gift, whatever be the distance of time between the date of the gift and the date of the loan. It should be established further that the amount of the gift was part of the resources from which the loan was subsequently given. Such proof was absent in this ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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