CONTROLLER OF ESTATE DUTY Vs. ZAFRUL HASAN

JUDGEMENT

(1.) HAJI Mohammad Hamza of Kanpur died on June 21, 1956. His son, Sri M.A. Barkat, filed details of the estate of the deceased under the provisions of the E.D. Act (briefly, "the Act") as accountable person. Assessment was made by the Dy. Controller of Estate Duty on February 29, 1960. The movable property of the deceased included the value of 204 shares in M/s. U. P. Tannery Co. (P.) Ltd., computed at Rs. 12,59,514. This figure had been arrived at after making allowance for the income-tax liabilities of the company but it was observed by the Dy. Controller in his order that in case it was found that no income-tax was payable by the company, the liability of the deceased would be rectified.

(2.) SECTION 21 of the K. D. (Amend.) Act, 1958, inserted a new SECTION 59 in the Act while deleting some sections, including SECTION 62 of the unamended Act, with effect from July 1, 1960.

(3.) SUB-section (1) of Section 62 of the unamended Act, which alone is relevant, in its material part, ran thus: