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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Valuation of Private Company Shares: Follow Market Value, Not Book Value, Under Estate Duty Act, Section 37.</h1> Instruction No. 835/CBDT dated May 24, 1975, addresses the valuation of shares in private companies under Section 37 of the Estate Duty Act. When a company's articles restrict share alienation, the share value should reflect open market conditions, ignoring special buyer premiums. If share value is linked to company assets, market value, not book value, should be used. If not, alternative valuation methods like yield or profits may apply. Circular No. 1-D/ED of 1968, which applied Wealth-tax Rules, was overridden, reaffirming the original 1965 guidance. For inter-company shareholdings, algebraic equations may determine share value.
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