https://www.taxtmi.com/caselaws?id=27190 The High Court of Madras ruled on the valuation of unquoted shares of a private company for gift-tax assessment. The court emphasized the importance of considering the assets and liabilities close to the gift date for valuation. It held that the Tribunal erred in disregarding the balance-sheet as of March 31, 1971, and directed the Tribunal to determine the correct valuation based on principles outlined in the judgment, without providing specific valuation figures. The court answered the reference accordingly, without costs. en-us Wed, 09 Dec 1981 00:00:00 +0530 Thu, 11 Feb 2010 13:08:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27190 The High Court of Madras ruled on the valuation of unquoted shares of a private company for gift-tax assessment. The court emphasized the importance of considering the assets and liabilities close to the gift date for valuation. It held that the Tribunal erred in disregarding the balance-sheet as of March 31, 1971, and directed the Tribunal to determine the correct valuation based on principles outlined in the judgment, without providing specific valuation figures. The court answered the reference accordingly, without costs. Case-Laws Income Tax Wed, 09 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27190