https://www.taxtmi.com/caselaws?id=22201 For gift-tax valuation, shares remain freely transferable where the articles of association merely cap membership and restrict public issue, without limiting share transfers. The applicable restriction required for using the break-up value method under the Gift-tax Rules was therefore absent. Fair market value was consequently determined by the yield method rather than the break-up value method, with the valuation issue resolved in favour of the assessee. en-us Mon, 22 Jan 1990 00:00:00 +0530 Tue, 08 Dec 2009 10:46:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22201 For gift-tax valuation, shares remain freely transferable where the articles of association merely cap membership and restrict public issue, without limiting share transfers. The applicable restriction required for using the break-up value method under the Gift-tax Rules was therefore absent. Fair market value was consequently determined by the yield method rather than the break-up value method, with the valuation issue resolved in favour of the assessee. Case-Laws Income Tax Mon, 22 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22201