https://www.taxtmi.com/caselaws?id=18251 Actuarially valued gratuity liability, being a definite statutory liability rather than a contingent claim, is deductible when valuing a deceased partner's interest in partnership firms for estate-duty purposes. The liability must be supported by a scientific or actuarial computation. Estate duty payable on property passing on death is not deductible in computing the estate's net principal value under the Estate Duty Act. Accordingly, valuation must reduce the deceased's partnership share by the admissible gratuity liability but cannot reduce the net principal value by the estate duty itself. en-us Thu, 01 Feb 1996 00:00:00 +0530 Tue, 29 Sep 2009 16:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18251 Actuarially valued gratuity liability, being a definite statutory liability rather than a contingent claim, is deductible when valuing a deceased partner's interest in partnership firms for estate-duty purposes. The liability must be supported by a scientific or actuarial computation. Estate duty payable on property passing on death is not deductible in computing the estate's net principal value under the Estate Duty Act. Accordingly, valuation must reduce the deceased's partnership share by the admissible gratuity liability but cannot reduce the net principal value by the estate duty itself. Case-Laws Income Tax Thu, 01 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18251