https://www.taxtmi.com/caselaws?id=7216 In valuing gifted shares under the Gift-tax Act, the open-market value may be affected by a real and ascertainable taxation liability, and a balance-sheet is not conclusive where cogent evidence shows an omission or misstatement. On the record before it, however, the alleged liability had not been quantified or proved with certainty, and the Tribunal itself indicated that the actual amount required evidentiary proof. The court therefore treated the reference as unsuitable for an effective answer on the existing materials and remitted the matter to the Tribunal for disposal in accordance with its observations. en-us Mon, 04 Mar 1968 00:00:00 +0530 Sun, 15 Feb 2009 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7216 In valuing gifted shares under the Gift-tax Act, the open-market value may be affected by a real and ascertainable taxation liability, and a balance-sheet is not conclusive where cogent evidence shows an omission or misstatement. On the record before it, however, the alleged liability had not been quantified or proved with certainty, and the Tribunal itself indicated that the actual amount required evidentiary proof. The court therefore treated the reference as unsuitable for an effective answer on the existing materials and remitted the matter to the Tribunal for disposal in accordance with its observations. Case-Laws Income Tax Mon, 04 Mar 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7216