https://www.taxtmi.com/caselaws?id=66319 Estate duty valuation of a deceased partner's interest must be made by valuing the partnership as a whole under the statutory rules, and a single asset such as closing stock cannot be selectively revalued to inflate the estate. The balance-sheet value is relevant, but isolated revaluation to add an assumed future profit element is impermissible; the addition was therefore deleted. For a joint family residential house, the exemption under section 33(1)(n) applies to the house as a whole rather than by isolating the deceased's fractional share, so the entire house value was exempt. The Revenue's challenge failed on both points. en-us Thu, 28 Feb 1985 00:00:00 +0530 Wed, 23 Feb 2011 15:38:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66319 Estate duty valuation of a deceased partner's interest must be made by valuing the partnership as a whole under the statutory rules, and a single asset such as closing stock cannot be selectively revalued to inflate the estate. The balance-sheet value is relevant, but isolated revaluation to add an assumed future profit element is impermissible; the addition was therefore deleted. For a joint family residential house, the exemption under section 33(1)(n) applies to the house as a whole rather than by isolating the deceased's fractional share, so the entire house value was exempt. The Revenue's challenge failed on both points. Case-Laws Income Tax Thu, 28 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66319