https://www.taxtmi.com/caselaws?id=66445 For unquoted shares in a private company, break-up value is an accepted valuation method under the Gift-tax Rules where the company's total assets can be ascertained, and a discount for transfer restrictions in the articles may be allowed as a genuine valuation adjustment. The text also states that a transfer attracts deemed gift treatment under section 4(1)(a) only when inadequacy of consideration is established on the facts; a price supported by recognised valuation, matched by comparable transactions, was not treated as sham or unreasonable. On that basis, the cancellation of the gift-tax assessments was sustained. en-us Mon, 26 Mar 1984 00:00:00 +0530 Thu, 24 Feb 2011 17:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66445 For unquoted shares in a private company, break-up value is an accepted valuation method under the Gift-tax Rules where the company's total assets can be ascertained, and a discount for transfer restrictions in the articles may be allowed as a genuine valuation adjustment. The text also states that a transfer attracts deemed gift treatment under section 4(1)(a) only when inadequacy of consideration is established on the facts; a price supported by recognised valuation, matched by comparable transactions, was not treated as sham or unreasonable. On that basis, the cancellation of the gift-tax assessments was sustained. Case-Laws Income Tax Mon, 26 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66445