https://www.taxtmi.com/caselaws?id=18264 Unquoted equity shares under the Gift-tax Act were to be valued by reference to the open-market value on the relevant sale date, using Rule 1D's mandatory break-up method. The balance-sheet nearest the valuation date, together with profits up to that date, could be taken into account, and the Tribunal's rejection of alleged undervaluation was upheld. A further 30 per cent discount was also sustained because the shares belonged to private companies with transfer restrictions and prolonged non-declaration of dividends, both of which depressed market value. The differential amounts were therefore not treated as deemed gifts. en-us Thu, 01 Feb 1996 00:00:00 +0530 Tue, 29 Sep 2009 17:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18264 Unquoted equity shares under the Gift-tax Act were to be valued by reference to the open-market value on the relevant sale date, using Rule 1D's mandatory break-up method. The balance-sheet nearest the valuation date, together with profits up to that date, could be taken into account, and the Tribunal's rejection of alleged undervaluation was upheld. A further 30 per cent discount was also sustained because the shares belonged to private companies with transfer restrictions and prolonged non-declaration of dividends, both of which depressed market value. The differential amounts were therefore not treated as deemed gifts. Case-Laws Income Tax Thu, 01 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18264