https://www.taxtmi.com/circulars?id=8801 Valuation of a partner's interest must be based on the firm's net wealth on the valuation date, determined under the prescribed valuation rules; market value should be adopted where it exceeds book value beyond the permitted threshold. Reserves of all kinds are excluded from liabilities for this computation, so reserves such as the Development Rebate Reserve cannot be allowed as deductible liabilities. Assessing officers' defaults in applying these rules should be examined and appropriate action taken to ensure compliance. en-us Tue, 21 Dec 1971 00:00:00 +0530 Fri, 27 May 2011 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8801 Valuation of a partner's interest must be based on the firm's net wealth on the valuation date, determined under the prescribed valuation rules; market value should be adopted where it exceeds book value beyond the permitted threshold. Reserves of all kinds are excluded from liabilities for this computation, so reserves such as the Development Rebate Reserve cannot be allowed as deductible liabilities. Assessing officers' defaults in applying these rules should be examined and appropriate action taken to ensure compliance. Circulars Income Tax Tue, 21 Dec 1971 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8801