Supreme Court of India
Commissioner of Wealth Tax, Hyderabad v. Trustees of Heh
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the opinion that the judgmen. of the High Court is correct.
Judgment, page 16
From the headnote
Wealth Tax, /9j7-Sections 21(1) and (4)-Estate Duty Act, /9j3- Section 74(2)-Valuation of property-Determination of-Deemed death of life tenant-Property-jewel/eries subject matter of trust not in possession of remaindermen, the ultimate beneficiaries-Estate duty payable, if relevant factor-Held: Risk or hazard of e«n'.~ duty liability has a direct impact on the • purchaser of remainder interest thus, a relevant factor for determination of valuation of interest held by remainderman-Further, charge created thereupon in terms of Section 74(2) to be taken into consideration.
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