One of the central problems in curriculum design is to find a rational basis for the selection of subject content and the assessment of student progression. Without good reasoning, decisions about the selection of content according to various levels of complexity would be left to personal opinion of the faculty members and a reasoned debate among peers about what to choose and what to omit in a curriculum would not be possible on a logical basis. In 1956, celebrated educationist Benjamin Bloom along with his associates introduced the revolutionary Taxonomy of Educational objectives (popularly known as the Bloom's Taxonomy) as a resolution to the above problem. Since then, the Bloom's taxonomy has become the cornerstone of curriculum design across the world, particularly in the context of outcome-based education. Taxonomy of educational objectives are composed of three parts, Taxonomy of Cognitive domain, Affective domain and Psychomotor domain. However, only taxonomy of cognitive domain (popularly known as the Bloom's taxonomy) was adopted rapidly by educationists across the globe. Several Accreditation agencies require an educational program to align their curriculum to Bloom's taxonomy (cognitive domain) for ranking and grading of curriculum aspects of educational programs at school and university level. However, the graduate attributes which are outlined by educational administrations not only make cognitive aspects as part of learning objectives, but also affective and psychomotor aspects, since cognition, affective and psychomotor development complete all dimensions of a student's development process. While the theoretical basis for Bloom's taxonomy of cognitive domain can be traced to classification of knowledge structures itself, the theoretical basis for Taxonomy of affective domain is still ambiguous. It could be one of the reasons for its meagre adaptability in educational curriculum. This paper is an attempt to research for a theoretical basis for evolving taxonomy of the affective domain by tracing developments in the field of Axiology.