https://www.taxtmi.com/caselaws?id=37401 For estate duty valuation of a deceased partner's interest, the share must be treated as an indivisible asset and valued as a whole under the open-market standard. The balance-sheet value is a relevant and important factor, especially where the partnership deed provides for payment on that basis, but the revenue cannot revalue one firm asset separately and add its enhanced market value to the already accepted share value. A transferee's restricted rights under partnership law also prevent a breakup valuation of individual assets. The valuation adopted by the department was therefore not in accordance with law, and the issue was decided for the assessee. en-us Mon, 27 Mar 1978 00:00:00 +0530 Mon, 29 Mar 2010 13:58:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37401 For estate duty valuation of a deceased partner's interest, the share must be treated as an indivisible asset and valued as a whole under the open-market standard. The balance-sheet value is a relevant and important factor, especially where the partnership deed provides for payment on that basis, but the revenue cannot revalue one firm asset separately and add its enhanced market value to the already accepted share value. A transferee's restricted rights under partnership law also prevent a breakup valuation of individual assets. The valuation adopted by the department was therefore not in accordance with law, and the issue was decided for the assessee. Case-Laws Income Tax Mon, 27 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37401