CONTROLLER OF ESTATE DUTY Vs. VIJAY KUMAR

JUDGEMENT

(1.) THE following question of law has been referred by the Income-tax Appellate Tribunal, Amritsar (for short, "the Tribunal"), under Section 64 of the Estate Duty Act, 1953 (for short, "the Act"), at the instance of the Controller of Estate Duty, Patiala :

(2.) THE proceedings under the Act were initiated by the Assistant Controller of Estate Duty on the death of Daya Nand Munjal. The accountable person filed details of the principal value of the estate left behind by the deceased. The value of the estate was determined by the Assistant Controller at Rs. 10,85,593. The audit party of the Department, after examining the proceeding, wrote a note as under :

(3.) THE deceased, Daya Nand Munjal, was a partner in two firms, namely, Hero Cycle Industries, Ludhiana, and Rockman Cycle Industries, Ludhiana, in his individual status and also a partner in another firm, namely, Munjal Sales Corporation, Ludhiana, in the status of karta of his Hindu undivided family. The Assistant Controller determined the share of the deceased in the value of the goodwill of the aforesaid three firms and then worked out the principal value of the estate thereafter.