https://www.taxtmi.com/caselaws?id=67710 Fair market value under section 7(1) had to be determined as on the valuation dates, so a stale stock exchange quotation was not a reliable basis where it was remote in time and did not reflect market conditions on those dates. Actual sale transactions close to the valuation dates, whose genuineness was not discredited, provided a better indicator of value. A quotation is useful only if proximate to the relevant date. On these facts, the shares could be valued on the basis of the actual transactions or under rule 1-D, and they were capable of being treated as unquoted shares because they were not regularly quoted in a meaningful sense. en-us Tue, 29 Aug 1978 00:00:00 +0530 Mon, 14 Mar 2011 11:30:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67710 Fair market value under section 7(1) had to be determined as on the valuation dates, so a stale stock exchange quotation was not a reliable basis where it was remote in time and did not reflect market conditions on those dates. Actual sale transactions close to the valuation dates, whose genuineness was not discredited, provided a better indicator of value. A quotation is useful only if proximate to the relevant date. On these facts, the shares could be valued on the basis of the actual transactions or under rule 1-D, and they were capable of being treated as unquoted shares because they were not regularly quoted in a meaningful sense. Case-Laws Wealth-tax Tue, 29 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67710