Valuation uniformity of unquoted shares can be circulated for adoption across shareholders, subject to individual objections. When a valuation officer has determined the fair market value of a company's unquoted shares, the CIT should assess the correctness and fairness of that valuation and, if satisfied, circulate it to officers of his charge and to other CITs for adoption in assessments of other shareholders; if an assessee objects, the Department must make a fresh reference to the valuation officer for that case.
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 uniformity of unquoted shares can be circulated for adoption across shareholders, subject to individual objections.
When a valuation officer has determined the fair market value of a company's unquoted shares, the CIT should assess the correctness and fairness of that valuation and, if satisfied, circulate it to officers of his charge and to other CITs for adoption in assessments of other shareholders; if an assessee objects, the Department must make a fresh reference to the valuation officer for that case.
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