https://www.taxtmi.com/caselaws?id=22201 Shares were treated as freely transferable where the articles of association imposed no restriction on transfer, though they limited membership to 50 and restricted public issue. For gift-tax valuation, the normal fair market value method in such a case was the yield method, and rule 10(2) of the Gift-tax Rules, 1958 did not support use of the break-up value method because the relevant transfer restriction was absent. The article's position is that, on these facts, valuation of shares for gift-tax purposes should follow yield basis rather than break-up value basis. 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 Shares were treated as freely transferable where the articles of association imposed no restriction on transfer, though they limited membership to 50 and restricted public issue. For gift-tax valuation, the normal fair market value method in such a case was the yield method, and rule 10(2) of the Gift-tax Rules, 1958 did not support use of the break-up value method because the relevant transfer restriction was absent. The article's position is that, on these facts, valuation of shares for gift-tax purposes should follow yield basis rather than break-up value basis. Case-Laws Income Tax Mon, 22 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22201