https://www.taxtmi.com/caselaws?id=22028 The assessee had admittedly gifted 20% of her interest in a partnership to her daughters-in-law. In those circumstances, there was no factual or legal basis for valuing the taxable gift at 10% of the recomputed three years' purchase value, because the admitted extent of the right forgone remained 20%. The Tribunal's direction to adopt 10% was inconsistent with that admitted gift and was therefore not justified. The valuation issue was answered against the assessee and in favour of the Revenue. en-us Fri, 21 Jun 1991 00:00:00 +0530 Sat, 05 Dec 2009 15:54:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22028 The assessee had admittedly gifted 20% of her interest in a partnership to her daughters-in-law. In those circumstances, there was no factual or legal basis for valuing the taxable gift at 10% of the recomputed three years' purchase value, because the admitted extent of the right forgone remained 20%. The Tribunal's direction to adopt 10% was inconsistent with that admitted gift and was therefore not justified. The valuation issue was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Fri, 21 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22028