9911796707
TMI Blog1964 (2) TMI 99X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Estate Duty Act, 1953. The question of law referred is : Whether, on the facts and in the circumstances of the case, the claim for the deduction of the liability of ₹ 1,51,215 for tax and ₹ 27,000 for penalty under the Income-tax Act was properly disallowed in computing the principal value of the estate of the deceased ? 2. This reference arises out of the estate duty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thereafter preferred an appeal to the Board under section 63 of the Act against the order of the Assistant Controller. The main objection raised in the appeal related to the refusal of the Assistant Controller to allow any deduction for income-tax liability. (iii)The Board found that, in the income-tax assessment of the deceased, the Income-tax Officer concerned had fixed a liability of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al against the income-tax assessments brought into existence an interest in or a right to property, which would crystallise and was expected to crystallise in due course in a material form ; that the quantum of income-tax demand does not become final until all the appeal and reference proceedings are concluded ; that the Assistant Controller had full right to evaluate the income-tax liability as o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income-tax Officer had remained intact, the Board would have allowed the deduction claimed. 6. The order of the Income-tax Appellate Tribunal is no more in existence in view of the order of this court in I.T.R.C. No. 15 of 1959 since reported as Commissioner of Income-tax v. Lakshmamma [1964] 52 ITR 789 . The effect of the order of this court in that case is to restore the order of the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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