https://www.taxtmi.com/caselaws?id=12662 Unquoted equity shares gifted by the assessee had to be valued under the statutory break-up method in rule 10(2) of the Gift-tax Rules, 1958, because that rule governed restrictive shares in a private company and there was no material showing that value could not be ascertained from the company's assets. The Tribunal was therefore wrong to apply the yield method, and the issue was decided for the Revenue. A gift structured with a right of revocation after a specified period was also held valid, because the Gift-tax Act expressly contemplated that arrangement and the fact that it was tax-effective did not make it void. That issue was decided for the assessee. en-us Thu, 16 May 2002 00:00:00 +0530 Wed, 20 May 2009 18:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12662 Unquoted equity shares gifted by the assessee had to be valued under the statutory break-up method in rule 10(2) of the Gift-tax Rules, 1958, because that rule governed restrictive shares in a private company and there was no material showing that value could not be ascertained from the company's assets. The Tribunal was therefore wrong to apply the yield method, and the issue was decided for the Revenue. A gift structured with a right of revocation after a specified period was also held valid, because the Gift-tax Act expressly contemplated that arrangement and the fact that it was tax-effective did not make it void. That issue was decided for the assessee. Case-Laws Income Tax Thu, 16 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12662