| Case ID |
4302cf16-95ae-4f9b-bc2b-47c5fa4d4db3 |
| Body |
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| Case Number |
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| Decision Date |
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| Hearing Date |
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| Decision |
The Court ruled that rule 1BB of the Wealth-tax Rules, 1957, is considered a procedural rule and applies to all proceedings pending at the time of its enactment. It was determined that the Appellate Tribunal was justified in directing the valuation of the property at 151, Golf Links, New Delhi, according to section 36(3) of the Estate Duty Act, even though the relevant section was introduced after the death of the deceased. The ruling affirms that the valuation method detailed in the rule is recognized and accepted, thus ensuring fairness in the valuation process. |
| Summary |
This case addresses the valuation of an estate under the Estate Duty Act, 1953, specifically considering the application of rule 1BB from the Wealth-tax Rules, 1957. The Delhi High Court examined whether the rule, which deems market value based on a recognized method of valuation, could be applied retroactively to ongoing proceedings. The court found that the rule is procedural and not substantive, allowing its application to cases active at the time of its implementation. The decision reinforces the importance of procedural fairness in estate valuation, ensuring that the valuation remains consistent and adheres to established legal standards. This case is significant for tax law practitioners and estate planners, emphasizing the need for compliance with procedural rules in estate duty assessments. |
| Court |
Delhi High Court
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| Entities Involved |
Not available
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| Judges |
Arijit Pasayat, C.J.,
D.K. Jain, J.
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| Lawyers |
R.D. Jolly,
R.C. Pandey,
Sanjeev Khanna,
Ajay Jha
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| Petitioners |
Controller of Estate Duty
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| Respondents |
P.N. Luthra
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| Citations |
2001 SLD 2830 = (2001) 250 ITR 316
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| Other Citations |
CWT v. Sharvan Kumar Swarup & Sons [1994] 210 ITR 886/ 76 Taxman 620 (SC)
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| Laws Involved |
Estate Duty Act, 1953,
Wealth-tax Rules, 1957
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| Sections |
36,
1BB
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