SAJANI Vs. CONTROLLER OF ESTATE DUTY

JUDGEMENT

(1.) WE have to consider and answer the following question ;

(2.) THERE is no dispute with regard to the basic position that for the purposes of levy of estate duty under the Estate Duty Act, 1953, the value is to be determined, in the opinion of the Controller on the basis of what it would fetch if sold in the open market at the time of the deceased's death.

(3.) THE Assistant Controller of Estate Duty, Trichur, has not travelled far and wide in any sense of the situation but has added this amount of special discount at 12.5 per cent, to the closing stock shown by the accountable person in the estate duty return and arithmetically proceeded further to determine l/5th share in regard thereto.