(1)The following persons shall be accountable for the duty payable on the death of the deceased by virtue of section 17, namely:.-(a)the company;(b)any person (other than a bona fide purchaser for full consideration in money or money's worth received by the company for its own use and benefit) who receives, whether directly from the company or otherwise, or disposes of, any assets which the company had, whether as capital or as income, at the death or at any time thereafter;(c)any person who received distributed assets of the company on their distributionProvided that a person shall not,.-(i)by virtue of clause (b), be accountable in respect of any assets of any duty in excess of the value of those assets, or(ii)by virtue of clause (c), be accountable in respect of any assets for more than a part of the duty bearing to the whole thereof the some proportion as the value of the distribution of those assets bears to the principal value of the assets of the company passing on the death by virtue of section 17.Explanation. - For the purpose of this sub-section the expressions "distributed assets" and assets of the company passing on the death" do not include any distributed assets of the company which the deceased received on their distribution, and a person who, having received any distributed assets of the company, has died before the deceased shall be deemed to have been a person accountable by virtue of clause (c).
