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of <h1>Supreme Court Decision Alters Valuation Methods for Unquoted Shares in Investment and Holding Firms; New Guidelines Issued.</h1> The circular addresses the valuation of unquoted equity shares of investment and holding companies, modifying previous instructions in light of a Supreme Court decision. It discards the combination of break-up value and capitalized value methods for going concerns, emphasizing profit-earning capacity. For companies ripe for winding up or with fluctuating profits, the break-up value method is recommended. Adjustments for maintainable profits include accounting for non-recurring items and tax liabilities. Different capitalization rates apply based on income sources. A premium is added for substantially holding companies, and wholly-owned subsidiaries are valued as a single entity. These guidelines apply to all pending assessments.
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