RAVI ABRAHAM Vs. CONTROLLER OF ESTATE DUTY

JUDGEMENT

(1.) This is a reference under Section 64(1) of the Estate Duty Act, 1953 (hereinafter referred to as "the Act"). The questions referred are :

(2.) The matter arises out of the estate duty assessment of the estate of Shri Kurien Abraham, who died on December 12, 1978. The estate included one-sixth share of Shri Kurien Abraham in the firm of Messrs, Kurien Abraham. This share was valued by the accountable person at Rs. 18,893. The Assistant Controller of Estate Duty valued the same at Rs. 1,94,065. The Assistant Controller had valued the share of the profits of the deceased till the date of death at Rs. 53,060. The Appellate Controller held that the share of profit up to the date of death could not be treated as passing on the death of the deceased. Aggrieved by the same, the Department appealed to the Tribunal.

(3.) The accountable person claimed, on the basis of Clauses 12 and 14 of the partnership deed, that the share of profits up to the end of the preceding financial year, namely, March 31, 1977, alone passed on the death of the deceased and that the share of profits for the period from April 1, 1978, till December 12, 1978, being the date of death, did not pass.