https://www.taxtmi.com/caselaws?id=28249 For estate duty, a deceased partner's share in a firm must be valued as the actual interest passing on death, not as an abstract right divorced from the partnership deed. The deed's transfer restrictions and death-settlement terms affect the content and practical worth of that interest and must be taken into account. At the same time, valuation must still be made on principal value, meaning the price the restricted interest would fetch in the open market. The partnership deed is therefore relevant but not conclusive: it shapes the asset to be valued, while the statutory open-market test remains the governing basis of valuation. en-us Tue, 24 Aug 1982 00:00:00 +0530 Sat, 20 Feb 2010 10:21:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28249 For estate duty, a deceased partner's share in a firm must be valued as the actual interest passing on death, not as an abstract right divorced from the partnership deed. The deed's transfer restrictions and death-settlement terms affect the content and practical worth of that interest and must be taken into account. At the same time, valuation must still be made on principal value, meaning the price the restricted interest would fetch in the open market. The partnership deed is therefore relevant but not conclusive: it shapes the asset to be valued, while the statutory open-market test remains the governing basis of valuation. Case-Laws Income Tax Tue, 24 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28249