Central Board of Direct Taxes hereby direct that the value of a partner's right to share the profits of the firm without the right to share the assets

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....ed by the Gift-tax (Second Amendment) Rules, 1976], the Central Board of Direct Taxes hereby direct that the value of a partner's right to share the profits of the firm without the right to share the assets shall be calculated in the manner specified in the annexure to this Circular. 2. This notification shall come into force with effect from 30th May, 1977, the date on which Circular No.21....

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....low, the income of any accounting year shall be the income as assessed under the Income-tax Act, 1961, and, if no income-tax assessment has been made as on the valuation date for any accounting year, it shall be the income as per books of accounts of the firm/proprietary concern, after making such adjustments as are contemplated in section 143(1)(b) of the Income-tax Act, 1961. (c) Salaries and....