(3)The assets of the company which are deemed to be included in the property passing on the death of the deceased by virtue of this sect shall include any assets thereof which have been disposed of or distributed by the company at any time between the beginning of the first of the accounting years aforesaid and the death of the deceased either.-(a)in or towards satisfaction of rights attaching to shares in or debentures of the company, or(b)otherwise howsoever except as follows, that is to say, by way of sale for full consideration in money or money's worth received by the company for its own use and benefit, or in or towards discharge of taxes or rates or other liability imposed by or under an enactment, or in or towards discharge of a fine or penalty or a liability for tort incurred without collusion with the injured party, including assets which have been so disposed of or distributed in a winding up, whether continuing at or completed before the death:Provided that this sub-section shall not apply to assets disposed of or distributed by way of payments from which income-tax was deduction, or which were assessable to income-tax, of amounts not exceeding in the aggregate, as respects payments made in any accounting year or in the period between the end of the last accounting year and the benefit of the deceased, the amount of the income of the company for that year or period.
