Valuation of quoted shares: assessee may average annual quoted prices and must certify the chosen average with an accountant. A new rule permits an assessee to value a quoted equity share by averaging the quoted value on the 31st March preceding the assessment year with quoted values on the corresponding dates in each of the four immediately preceding assessment years, using the nearest earlier quotation if needed; available quotations are averaged when fewer than four exist. Adoption of this average requires certification by an accountant and attachment of that certificate to the wealth return; 'accountant' follows the meaning in the Income tax Act explanation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Valuation of quoted shares: assessee may average annual quoted prices and must certify the chosen average with an accountant.
A new rule permits an assessee to value a quoted equity share by averaging the quoted value on the 31st March preceding the assessment year with quoted values on the corresponding dates in each of the four immediately preceding assessment years, using the nearest earlier quotation if needed; available quotations are averaged when fewer than four exist. Adoption of this average requires certification by an accountant and attachment of that certificate to the wealth return; "accountant" follows the meaning in the Income tax Act explanation.
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