https://www.taxtmi.com/caselaws?id=16042 Unquoted shares gifted under the Gift-tax Act must be valued on open-market principles under section 6, with the assessing authority estimating the price the property would fetch on the date of gift. Where no specific gift-tax valuation rule governs, a cognate formula from another fiscal statute may be used only as guidance. Rule 1D of the Wealth-tax Rules, 1957 did not apply automatically to gift-tax proceedings, but its underlying principle could justify discounting break-up value for reduced marketability. The permissible approach was therefore to adjust valuation for lack of marketability without treating the wealth-tax rule as a binding mandate. en-us Wed, 11 Nov 1998 00:00:00 +0530 Mon, 31 Aug 2009 16:12:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16042 Unquoted shares gifted under the Gift-tax Act must be valued on open-market principles under section 6, with the assessing authority estimating the price the property would fetch on the date of gift. Where no specific gift-tax valuation rule governs, a cognate formula from another fiscal statute may be used only as guidance. Rule 1D of the Wealth-tax Rules, 1957 did not apply automatically to gift-tax proceedings, but its underlying principle could justify discounting break-up value for reduced marketability. The permissible approach was therefore to adjust valuation for lack of marketability without treating the wealth-tax rule as a binding mandate. Case-Laws Income Tax Wed, 11 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16042