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TMI Blog1980 (4) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... ase and has referred the following question for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in including a sum of Rs. 8,000 representing the value of jewellery owned and possessed by the deceased in its estate under the Estate Duty Act, 1953 ? " Srimati Kasturi Devi, who was an income-tax and wealth-tax payer, died on 22nd o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ord to show that the lady had left or had otherwise disposed of the ornaments, the Asst. Controller included Rs. 30,000 in computing the value of the estate left by her. In the appeal, the Appellate Controller accepted the submission made on behalf of the accountable person. He held that whatever jewellery deceased had, she purchased Gold Bonds which had been separately assessed. Relying upon a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , disposed of that jewellery or ornaments to anybody prior to her death and that conversion of jewellery into Gold Bonds had been taken into account separately. Learned counsel for the accountable person contended that as it had been shown that the deceased had purchased Gold Bonds, the entire value of the jewellery should have been excluded in computing the estate left by the deceased. We are u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry during her lifetime. Learned counsel appearing for the accountable person urged that in the W.T. return filed for the year 1965-66, the accountable person had shown the value of the jewellery and ornaments belonging to the deceased as "nil" and that the said returns had been accepted by the WTO. Accordingly, while making the assessment under the E.D. Act, the Tribunal could not, while computi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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