9911796707
TMI Blog1985 (2) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... peal relates to the estate duty assessment of Smt. Soonabai C. Gazdar, who died on 5-1-1967. Smt. Gazdar owned some of the properties which passed on the death of Mrs. Mody who died on 9-7-1966. Since the same property was involved in the estate duty assessments relating to successive deaths, the Assistant Controller had to work out the quick succession relief under section 31 of the Estate Duty A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re us, relate to the deposits with Voltas and Gurudeo Co-operative Housing Society Ltd. of Rs. 8,65,000 and balance with the Central Bank of India Rs. 34,834, totalling Rs. 8,99,834. Admittedly, other assets are included in both the assessments as passing on the death. As seen from the order giving effect to an earlier appellate order, the Assistant Controller computed 50 per cent of the sum of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct to accrual of interest. Naturally the balance with the Central Bank also must be subject to change depending on payments into or drawings out of the bank. There is a time lag of about six months between the two deaths. We are told that during the interim period there was a trustee in charge of these deposits looking after the interests of the second deceased as a beneficiary. The details as to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssible to say whether the same cash included in the first assessment is sought to be included in the second assessment. The position would not change if instead of cash balance it is a bank balance. The more specific question would be out of an amount of cash or bank balance say Rs. 34,834 in this case, every rupee going to make Rs. 34,834 is 'any property' as specified in section 31 or the entire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assistant Controller has not reduced the amount included in the second assessment by any proportionate or other extent of estate duty payable on the first death, naturally, the same amount has to be considered for quick succession relief also. Thus, apart from the fact that the amount included in both the assessments is almost an estimated figure, even on the ground that the same amount should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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