https://www.taxtmi.com/caselaws?id=120986 For capital gains on unquoted shares, fair market value must be determined under the Income-tax Act on income-tax principles, and rule 1D of the Wealth-tax Rules cannot be imported as a mandatory valuation method. Shares received by gift or inheritance may still be treated as held before 1-4-1981 where the evidence shows prior ownership or devolution from an earlier holder, enabling 1-4-1981 value to be used for indexed cost. Claims under section 54F require proper factual examination of the investment and transfer documents, and matters not fully considered below may be remitted for fresh adjudication after hearing the assessee. en-us Mon, 17 Sep 2007 00:00:00 +0530 Sat, 23 Mar 2024 13:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120986 For capital gains on unquoted shares, fair market value must be determined under the Income-tax Act on income-tax principles, and rule 1D of the Wealth-tax Rules cannot be imported as a mandatory valuation method. Shares received by gift or inheritance may still be treated as held before 1-4-1981 where the evidence shows prior ownership or devolution from an earlier holder, enabling 1-4-1981 value to be used for indexed cost. Claims under section 54F require proper factual examination of the investment and transfer documents, and matters not fully considered below may be remitted for fresh adjudication after hearing the assessee. Case-Laws Income Tax Mon, 17 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120986