https://www.taxtmi.com/caselaws?id=20065 Where unquoted shares are transferred in a company with restrictive articles of association, the statutory valuation rule requiring break-up value applies as the mandatory method under the Gift-tax Act and Rules. The Court treated the prescribed rule as part of the operative valuation scheme, supported by the rule-making power and parliamentary sanction, and held that the yield method could not displace it where no impracticability in applying the asset-based approach was shown. Later legislative incorporation of the same valuation method was treated as confirming that approach. The valuation therefore had to be made on break-up value basis, and the Tribunal was not justified in rejecting the Commissioner's view. en-us Wed, 13 Oct 1993 00:00:00 +0530 Wed, 11 Nov 2009 14:18:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20065 Where unquoted shares are transferred in a company with restrictive articles of association, the statutory valuation rule requiring break-up value applies as the mandatory method under the Gift-tax Act and Rules. The Court treated the prescribed rule as part of the operative valuation scheme, supported by the rule-making power and parliamentary sanction, and held that the yield method could not displace it where no impracticability in applying the asset-based approach was shown. Later legislative incorporation of the same valuation method was treated as confirming that approach. The valuation therefore had to be made on break-up value basis, and the Tribunal was not justified in rejecting the Commissioner's view. Case-Laws Income Tax Wed, 13 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20065