https://www.taxtmi.com/caselaws?id=71458 For unquoted equity shares transferred for gift-tax purposes, the yield method was stated to be the normal basis for valuing shares of a going concern, while the break-up method is reserved for exceptional cases such as likely winding up or where profit-earning capacity cannot be reasonably estimated. Rule 1D of the Wealth-tax Rules, 1957 was treated as directory, not mandatory. On the facts described, no exceptional circumstance justified departing from the yield method, so valuation based on break-up value was not appropriate and the gift-tax assessments founded on that basis were unsustainable. en-us Tue, 25 Aug 1992 00:00:00 +0530 Mon, 25 Apr 2011 10:08:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71458 For unquoted equity shares transferred for gift-tax purposes, the yield method was stated to be the normal basis for valuing shares of a going concern, while the break-up method is reserved for exceptional cases such as likely winding up or where profit-earning capacity cannot be reasonably estimated. Rule 1D of the Wealth-tax Rules, 1957 was treated as directory, not mandatory. On the facts described, no exceptional circumstance justified departing from the yield method, so valuation based on break-up value was not appropriate and the gift-tax assessments founded on that basis were unsustainable. Case-Laws Income Tax Tue, 25 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71458