https://www.taxtmi.com/caselaws?id=12622 Section 6 of the Gift-tax Act, 1958, read with Schedule II, required gifted property to be valued in accordance with the prescribed statutory method, using the valuation methodology drawn from Schedule III to the Wealth-tax Act, 1957 with specified modifications. The valuation rules were treated as procedural and evidentiary in character, so they applied to pending proceedings. A valuation made without following Schedule II could not be sustained, and the property was to be revalued under the statutory schedule. en-us Thu, 31 Jan 2002 00:00:00 +0530 Wed, 20 May 2009 16:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12622 Section 6 of the Gift-tax Act, 1958, read with Schedule II, required gifted property to be valued in accordance with the prescribed statutory method, using the valuation methodology drawn from Schedule III to the Wealth-tax Act, 1957 with specified modifications. The valuation rules were treated as procedural and evidentiary in character, so they applied to pending proceedings. A valuation made without following Schedule II could not be sustained, and the property was to be revalued under the statutory schedule. Case-Laws Income Tax Thu, 31 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12622