https://www.taxtmi.com/caselaws?id=8871 Estate duty valuation of listed shares follows the open-market price at the date of death. A later sale of pledged shares cannot determine that value, and a bulk-holding or control premium cannot be added merely on conjecture where no reliable material shows the quoted market price to be unreal. Managing agency rights constitute property capable of passing on death, but their value must reflect statutory limits on their duration. Since a purchaser would be aware that the rights would end under the Companies Act, valuation is limited to remuneration for the remaining statutory period rather than indefinite future income. The enhanced valuations of both assets were rejected. en-us Thu, 19 Apr 1973 00:00:00 +0530 Tue, 16 Jun 2009 19:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8871 Estate duty valuation of listed shares follows the open-market price at the date of death. A later sale of pledged shares cannot determine that value, and a bulk-holding or control premium cannot be added merely on conjecture where no reliable material shows the quoted market price to be unreal. Managing agency rights constitute property capable of passing on death, but their value must reflect statutory limits on their duration. Since a purchaser would be aware that the rights would end under the Companies Act, valuation is limited to remuneration for the remaining statutory period rather than indefinite future income. The enhanced valuations of both assets were rejected. Case-Laws Income Tax Thu, 19 Apr 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8871