CONTROLLER OF ESTATE DUTY Vs. VIKRAMKUMAR B PARSHAVE

JUDGEMENT

(1.) In this reference at the instance of the revenue, the following questions are referred for the opinion of this Court under Estate Duty Act,1983 :

(2.) The reference is made in respect of the estate of Babulal Chimanlal who died on 20/9/1978. The Assistant Controller of Estate Duty (ACED) has valued the residential bungalow of the deceased at Rs.2,65,000.00. The Controller of Estate Duty (Appeals) held that rule 1BB of the Wealth Tax Rules,1957 was applicable in the instant case and directed ACED to take the value of the property at Rs.1,36,570.00 which was the valuation placed on the same property in the wealth tax assessment for assessment year 1971-72. The Tribunal confirmed the order of the Controller of Estate Duty. Hence this reference at the instance of the revenue.

(3.) We have heard Mr.B.B.Nayak, learned Counsel for the revenue. None appears for the respondent though served.