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TMI Blog1991 (3) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... stions for the opinion of this court under section 64(1) of the Estate Duty Act, 1953. The questions referred are : "(1) Whether, on the facts and in the circumstances of the case, the applicant's claim for excluding the surrender value of the policy under the Married Women's Property Act was rightly rejected ? (2) Whether, on the facts and in the circumstances of the case, the surrender value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deceased. He also rejected the further contention of the accountable person that the amount payable as estate duty in the computation of the value of the principal estate must be deducted. The appeal preferred by the accountable person against the assessment was dismissed by the Appellate Controller of Estate Duty who concurred with the view of the Assistant Controller. On appeal to the Tribunal, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and children, or of any of them shall enure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or of any of them, according to the interest so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband or to his creditors or form part of his estate. In the instant case, though the accountable person objected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eficiary. Once it is held that the deceased married woman had a present interest in the policy, at least to the extent of the surrender value thereof, such interest would be "property passing" on her death within the meaning of section 5 of the Estate Duty Act. Hence, we answer question No, 1 in the affirmative and against the assessee. In our view, the surrender value of the insurance policy ..... X X X X Extracts X X X X X X X X Extracts X X X X
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