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of <h1>Rule 2I Omitted: Method for Valuing Partner's Interest in Firm Assets Removed from Wealth Tax Rules, 1989.</h1> Rule 2I of the Wealth Tax Rules, 1957, was omitted by the Wealth-tax (Second Amendment) Rules, 1989, effective from April 1, 1989. Before its omission, Rule 2I, introduced in 1973, outlined the method for determining the value of an individual's interest in assets within an industrial undertaking owned by a firm or association of which they are a partner or member. The rule specified calculating asset values, deducting related debts, and allocating the net value among partners or members based on capital contribution and profit-sharing agreements.
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