https://www.taxtmi.com/caselaws?id=28174 An actuarially computed gratuity provision is treated as the present discounted value of an existing liability, so it is deductible and not a contingent liability for wealth-tax, gift-tax and estate duty valuation purposes. A provision for proposed dividends is also deductible in computing a company's net assets because it represents a current liability reflected in the balance-sheet. For valuing unquoted shares gifted between balance-sheet dates, the earlier balance-sheet is not conclusive; both surrounding balance-sheets may be considered to arrive at a realistic break-up value. The same present-liability approach applies when valuing a deceased partner's interest, requiring deduction of the gratuity provision. en-us Thu, 23 Dec 1982 00:00:00 +0530 Fri, 19 Feb 2010 14:02:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28174 An actuarially computed gratuity provision is treated as the present discounted value of an existing liability, so it is deductible and not a contingent liability for wealth-tax, gift-tax and estate duty valuation purposes. A provision for proposed dividends is also deductible in computing a company's net assets because it represents a current liability reflected in the balance-sheet. For valuing unquoted shares gifted between balance-sheet dates, the earlier balance-sheet is not conclusive; both surrounding balance-sheets may be considered to arrive at a realistic break-up value. The same present-liability approach applies when valuing a deceased partner's interest, requiring deduction of the gratuity provision. Case-Laws Wealth-tax Thu, 23 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28174