https://www.taxtmi.com/caselaws?id=16161 Reassessment under the Gift-tax Act requires information that gives the officer a reasonable belief that taxable gift escaped assessment; suspicion alone is insufficient. Reopening based on an asserted difference between market value and balance-sheet value of company assets requires material supporting that difference. Rule 10(2) valuation for unquoted shares applies only after recording that share value cannot be ascertained by reference to the company's total assets. Where break-up value was originally adopted and no new material or recorded jurisdictional basis supports a different valuation, reassessment cannot be sustained. en-us Wed, 05 Nov 1997 00:00:00 +0530 Tue, 01 Sep 2009 15:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16161 Reassessment under the Gift-tax Act requires information that gives the officer a reasonable belief that taxable gift escaped assessment; suspicion alone is insufficient. Reopening based on an asserted difference between market value and balance-sheet value of company assets requires material supporting that difference. Rule 10(2) valuation for unquoted shares applies only after recording that share value cannot be ascertained by reference to the company's total assets. Where break-up value was originally adopted and no new material or recorded jurisdictional basis supports a different valuation, reassessment cannot be sustained. Case-Laws Income Tax Wed, 05 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16161