https://www.taxtmi.com/caselaws?id=28178 For estate duty valuation of a deceased partner's interest in a firm, the principal value must be estimated at its open market price at the date of death. The assessed value is not confined to the balance-sheet figure, the amount credited in the partnership accounts, or the sum ultimately payable under the deed. To determine the partner's fractional interest, the assessing authority may examine the firm's assets and liabilities, including the market value of specific assets, because that exercise is part of assessing the open market value of the interest itself. A continuation clause in the partnership deed does not make book entries conclusive for valuation purposes. en-us Tue, 23 Nov 1982 00:00:00 +0530 Fri, 19 Feb 2010 14:11:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28178 For estate duty valuation of a deceased partner's interest in a firm, the principal value must be estimated at its open market price at the date of death. The assessed value is not confined to the balance-sheet figure, the amount credited in the partnership accounts, or the sum ultimately payable under the deed. To determine the partner's fractional interest, the assessing authority may examine the firm's assets and liabilities, including the market value of specific assets, because that exercise is part of assessing the open market value of the interest itself. A continuation clause in the partnership deed does not make book entries conclusive for valuation purposes. Case-Laws Income Tax Tue, 23 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28178