https://www.taxtmi.com/caselaws?id=17186 A gratuity provision made on actuarial valuation is treated as a present and direct liability, not a mere contingent liability, for computing the break-up value of unquoted shares under Rule 1D of the Wealth-tax Rules, 1957. On that basis, Explanation II(ii)(f) did not exclude deduction of the gratuity provision, and the amount was rightly deducted in arriving at share value. The referred question was answered in the affirmative, against the Revenue. en-us Mon, 15 Apr 1996 00:00:00 +0530 Tue, 15 Sep 2009 16:38:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17186 A gratuity provision made on actuarial valuation is treated as a present and direct liability, not a mere contingent liability, for computing the break-up value of unquoted shares under Rule 1D of the Wealth-tax Rules, 1957. On that basis, Explanation II(ii)(f) did not exclude deduction of the gratuity provision, and the amount was rightly deducted in arriving at share value. The referred question was answered in the affirmative, against the Revenue. Case-Laws Wealth-tax Mon, 15 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17186