https://www.taxtmi.com/caselaws?id=70447 Unquoted equity shares are to be valued under rule 1D for wealth-tax purposes, and advance tax paid by the company is not a permissible deduction in that valuation. A karta of a Hindu undivided family cannot validly gift ancestral HUF property to a third party; such a transfer is void ab initio and does not operate as a gift in law. Because the transfer is legally ineffective, section 4(1)(a) does not validate it, and the value remains includible in the taxable wealth of the HUF. The commentary also notes that the prescribed valuation method for unquoted shares is mandatory. en-us Thu, 16 Jan 1997 00:00:00 +0530 Sat, 16 Apr 2011 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70447 Unquoted equity shares are to be valued under rule 1D for wealth-tax purposes, and advance tax paid by the company is not a permissible deduction in that valuation. A karta of a Hindu undivided family cannot validly gift ancestral HUF property to a third party; such a transfer is void ab initio and does not operate as a gift in law. Because the transfer is legally ineffective, section 4(1)(a) does not validate it, and the value remains includible in the taxable wealth of the HUF. The commentary also notes that the prescribed valuation method for unquoted shares is mandatory. Case-Laws Income Tax Thu, 16 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70447