https://www.taxtmi.com/caselaws?id=18120 The valuation notification issued under rule 10(4) of the Gift-tax Rules, 1958, was confined to a partner's right to share profits where there was no corresponding right to share in the firm's assets. It could not be extended to value a partner's combined rights in profits and assets, because its wording was limited to the former situation. The Kerala HC therefore accepted the settled view that the notification had restricted application and did not govern valuation of both rights together. The reference was answered in favour of the assessee and against the Revenue. en-us Tue, 19 Mar 1996 00:00:00 +0530 Sat, 26 Sep 2009 18:22:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18120 The valuation notification issued under rule 10(4) of the Gift-tax Rules, 1958, was confined to a partner's right to share profits where there was no corresponding right to share in the firm's assets. It could not be extended to value a partner's combined rights in profits and assets, because its wording was limited to the former situation. The Kerala HC therefore accepted the settled view that the notification had restricted application and did not govern valuation of both rights together. The reference was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Tue, 19 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18120