OFFICIAL TRUSTEE vs CONTROLLER OF ESTATE DUTY — 1972 PTD 509

Citation: 1972 PTD 509

Court: Gujarat High Court

Year: 1968

Decision Date: 1968-09-25

Parties: OFFICIAL TRUSTEE vs CONTROLLER OF ESTATE DUTY

Headnotes

Case cited as 1972 PTD 509

Judgment Text

Court Name: Gujarat High Court Judge(s): P. N. Bhagabati, Divan Title: OFFICIAL TRUSTEE vs CONTROLLER OF ESTATE DUTY Case No.: Estate Duty Reference No. 5 of 1966. Date of Judgment:1968-09-25 Reported As: 1972 PTD 509 Result: N/A JUDGMENT JUDGMENT DIVAN, J.-In this reference under section 64(1) of the Estate Duty Act, 1953 (hereinafter referred to as the Act), the following question has been referred to us by the Central Board of Direct Taxes: "Whether, on the facts and fn the circumstances of the case, Rs. 4,50,660 representing the entire value of the trust properties is chargeable to estate duty as property passing on the death of the deceased under section 5 of the Act, or deemed to pass on the death of the deceased under section 12 of the Act, or only 65 per cent. Thereof or 50 per cent. Thereof." The facts giving rise to this reference are as follows: The reference arises out of the estate duty assessment con--cerning the estate of Miss Mary K. Nariman (hereinafter referred to as the deceased); who died on June 13, 1958. By a deed, dated March 23, 1936, the deceased and her sister, Jarbanoo, who pre-deceased Mary, settled certain shares and securities of the then value of Rs. 2,48,000 on trust ; and the official trustee of Bombay was appointed the trustee of the settlors. Under the trust deed, the net income of the trust was to be paid to the settlors during their respective lives absolutely and on and after the death of the survivor to their brother, Prof. R. K.…

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