https://www.taxtmi.com/caselaws?id=15842 Where an assessee adopts a recognised and bona fide method of valuing shares, the tax authority cannot reject that method merely because an alternative valuation yields a higher figure. The Madras High Court noted that the declared share value had been computed under a prescribed method and that the mere availability of another approach did not justify substitution by the Gift-tax Officer. On those facts, the difference between the declared value and the higher departmental valuation could not be treated as a deemed gift under section 4(1)(a) of the Gift-tax Act, 1958, and the reassessment was held unsustainable. en-us Tue, 24 Feb 1998 00:00:00 +0530 Sat, 29 Aug 2009 14:55:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15842 Where an assessee adopts a recognised and bona fide method of valuing shares, the tax authority cannot reject that method merely because an alternative valuation yields a higher figure. The Madras High Court noted that the declared share value had been computed under a prescribed method and that the mere availability of another approach did not justify substitution by the Gift-tax Officer. On those facts, the difference between the declared value and the higher departmental valuation could not be treated as a deemed gift under section 4(1)(a) of the Gift-tax Act, 1958, and the reassessment was held unsustainable. Case-Laws Income Tax Tue, 24 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15842