https://www.taxtmi.com/caselaws?id=56959 Reserves created out of profits for investment allowance and development rebate were treated as partners' property, not as firm liabilities, so the deceased partner's share in those reserves formed part of the property passing on death for estate duty valuation. The estate duty provisions therefore required inclusion of that share without resort to wealth-tax principles. The challenge to aggregation of lineal descendants' shares under the estate duty scheme also failed, as binding Punjab and Haryana High Court precedent upheld the constitutional validity of the aggregation provisions. On that basis, the assessment was restored and the Revenue's position was accepted. en-us Sat, 31 Mar 1984 00:00:00 +0530 Tue, 07 Dec 2010 15:20:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56959 Reserves created out of profits for investment allowance and development rebate were treated as partners' property, not as firm liabilities, so the deceased partner's share in those reserves formed part of the property passing on death for estate duty valuation. The estate duty provisions therefore required inclusion of that share without resort to wealth-tax principles. The challenge to aggregation of lineal descendants' shares under the estate duty scheme also failed, as binding Punjab and Haryana High Court precedent upheld the constitutional validity of the aggregation provisions. On that basis, the assessment was restored and the Revenue's position was accepted. Case-Laws Income Tax Sat, 31 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56959