The Revenue, upon a strict and literal companystruction of Section 50B, took the view that the payment of duty was, quite obviously, number directly out of the proceeds of the transfer of the shares as, indeed, the payment of duty was anterior to the transfer and that, therefore, the requirements of Section 50B of the Act were number satisfied.
The estate to which the proceedings for assessment of duty relate, was of the late Sir J.J. Gandhi, who died on April 17, 1972.
3,16,026 was paid on March 23, 1973.
The accountable person having had numberimmediate cash to meet the demand for provisional duty, borrowed on December 27, 1972, sums aggregating to Rs.
Mrs. Roshan Jahangir Gandhi was the accountable person.
3,16,026 was determined as the provisional duty.
On April 10, 1974, she sold certain shares forming part of the estate to discharge the said borrowings.
3,36,000 out of which the provisional duty of Rs.
A sum of Rs.
