https://www.taxtmi.com/caselaws?id=19987 Valuation of unquoted shares for gift-tax purposes raised a referable question of law because conflicting High Court views existed on whether yield basis or break-up value basis, and on the relevance of the balance-sheet nearest the transfer date. The Court held that, in the absence of binding Supreme Court or jurisdictional authority settling the valuation principle, the Tribunal could not treat the Revenue's proposed questions as redundant or unnecessary. The disputed valuation method itself was therefore a proper subject for reference, and the Revenue's application was allowed with directions to state the case and refer the questions of law. en-us Mon, 10 Jan 1994 00:00:00 +0530 Wed, 11 Nov 2009 10:28:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19987 Valuation of unquoted shares for gift-tax purposes raised a referable question of law because conflicting High Court views existed on whether yield basis or break-up value basis, and on the relevance of the balance-sheet nearest the transfer date. The Court held that, in the absence of binding Supreme Court or jurisdictional authority settling the valuation principle, the Tribunal could not treat the Revenue's proposed questions as redundant or unnecessary. The disputed valuation method itself was therefore a proper subject for reference, and the Revenue's application was allowed with directions to state the case and refer the questions of law. Case-Laws Income Tax Mon, 10 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19987