https://www.taxtmi.com/caselaws?id=19351 Unquoted equity shares gifted during the relevant year were to be valued under the prescribed statutory break-up value method, rather than any ad hoc alternative, because the valuation rule was treated as mandatory. Where the gift valuation date did not coincide with the company's balance-sheet date, the balance-sheet drawn up immediately preceding the valuation date could be used as the basis for valuation under the governing explanation. The document also notes that a further issue was left for fresh consideration, and the matter was remitted to be dealt with in accordance with law. en-us Tue, 03 Jan 1995 00:00:00 +0530 Thu, 05 Nov 2009 16:18:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19351 Unquoted equity shares gifted during the relevant year were to be valued under the prescribed statutory break-up value method, rather than any ad hoc alternative, because the valuation rule was treated as mandatory. Where the gift valuation date did not coincide with the company's balance-sheet date, the balance-sheet drawn up immediately preceding the valuation date could be used as the basis for valuation under the governing explanation. The document also notes that a further issue was left for fresh consideration, and the matter was remitted to be dealt with in accordance with law. Case-Laws Income Tax Tue, 03 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19351