Valuation of gifted property: rules for quoted and unquoted shares, debentures, preference shares and interlocked companies. Valuation rules in Schedule II set prescribed methods: quoted shares and debentures use market quotations or a certified multi-year average; unquoted preference shares use paid-up or adjusted paid-up value with reductions for unpaid dividends; unquoted equity shares in non-investment companies use an eighty percent break-up value derived from adjusted net assets per share; investment companies use net-asset-per-share valuation with asset values determined under applicable rules and auditor certification; interlocked companies use the higher of paid-up value or a value based on maintainable profits averaged over five years.
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Provisions expressly mentioned in the judgment/order text.
Valuation of gifted property: rules for quoted and unquoted shares, debentures, preference shares and interlocked companies.
Valuation rules in Schedule II set prescribed methods: quoted shares and debentures use market quotations or a certified multi-year average; unquoted preference shares use paid-up or adjusted paid-up value with reductions for unpaid dividends; unquoted equity shares in non-investment companies use an eighty percent break-up value derived from adjusted net assets per share; investment companies use net-asset-per-share valuation with asset values determined under applicable rules and auditor certification; interlocked companies use the higher of paid-up value or a value based on maintainable profits averaged over five years.
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