https://www.taxtmi.com/caselaws?id=165506 Estate-duty valuation under section 7(5) of the Finance Act 1894 required the hypothetical open-market price to be assessed on the settled basis in Crossman, treating the shares as subject to their articles but not allowing transfer restrictions to defeat the statutory valuation exercise. Confidential board reports and advice about a prospective public issue could not be assumed to be available to all potential purchasers, because open-market value depends on information generally accessible in the market, not on confidential material from a private placing. On that basis, the lower valuation was sustained and the estate-duty value was reduced. en-us Tue, 06 Jul 1971 00:00:00 +0530 Fri, 25 Jul 2014 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165506 Estate-duty valuation under section 7(5) of the Finance Act 1894 required the hypothetical open-market price to be assessed on the settled basis in Crossman, treating the shares as subject to their articles but not allowing transfer restrictions to defeat the statutory valuation exercise. Confidential board reports and advice about a prospective public issue could not be assumed to be available to all potential purchasers, because open-market value depends on information generally accessible in the market, not on confidential material from a private placing. On that basis, the lower valuation was sustained and the estate-duty value was reduced. Case-Laws Income Tax Tue, 06 Jul 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165506