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TMI Blog1992 (9) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... or its opinion under section 64 of the Estate Duty Act, 1953 : " 1. Whether the shares of the lineal descendants of the deceased are required to be aggregated for rate purposes for computing the principal value of the estate under section 34(1)(c) of the Estate Duty Act ? 2. Whether the estate duty payable on the estate is liable to be deducted as a prior charge on the estate under section 74 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the purpose of working out the value of the interest of the lineal descendants of the deceased for the purposes of section 34(1)(c) of the Act. This court also held that the interest of all the lineal descendants of the deceased in the joint family property or HUF property has to be aggregated so as to form one estate and estate duty has to be levied thereon at the rate or rates applicable in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be answered in the negative. The third question referred to us is with respect to outstanding professional fees. This point is also covered by two decisions of the Supreme Court. In CWT v. Vysyaraju Badreenarayana Moorthy Raju [1985] 152 ITR 454, the Supreme Court has held that the value of a property on a legal plane-refers to the value of the right in that property. What accrues as a right a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ealth-tax Act, it would not make any difference because an asset is property and whatever the Supreme Court has observed with respect to assets in that case will equally apply to property for the purposes of the Act. Therefore, the third question will have to be answered in the affirmative. In the result, the three questions are answered as under: 1. Question No. 1 -In the affirmative, i.e., a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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