https://www.taxtmi.com/caselaws?id=11007 For deemed gifts arising from transfer of unquoted shares in assessment year 1991-92, valuation under section 4(1)(a) of the Gift-tax Act remained governed by the pre-amendment market value approach, and the later linkage to Schedule II of the Gift-tax Act applied only prospectively from assessment year 1992-93. The valuation rules introduced for gifts simpliciter did not control earlier deemed gifts, so the authorities were not justified in applying Schedule II and Schedule III to the 1991-92 transfer. Unquoted shares in that period were to be valued by the yield method. en-us Mon, 05 Apr 2004 00:00:00 +0530 Wed, 29 Jul 2009 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11007 For deemed gifts arising from transfer of unquoted shares in assessment year 1991-92, valuation under section 4(1)(a) of the Gift-tax Act remained governed by the pre-amendment market value approach, and the later linkage to Schedule II of the Gift-tax Act applied only prospectively from assessment year 1992-93. The valuation rules introduced for gifts simpliciter did not control earlier deemed gifts, so the authorities were not justified in applying Schedule II and Schedule III to the 1991-92 transfer. Unquoted shares in that period were to be valued by the yield method. Case-Laws Wealth-tax Mon, 05 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11007