https://www.taxtmi.com/caselaws?id=28595 Estate duty valuation of a closely held company's liabilities must reflect real recoverability, financial distress, asset values, and surrounding circumstances, not mere book figures. The unsecured debt was treated as undervalued because the company's inability to meet liabilities and related proceedings showed it was not fully realisable. The 500 shares valuation was sustained because the Board relied on material already on record, including comparable valuation data, and the accountable persons did not rebut it. A secured bank debt could not be disallowed merely because the relevant property was encumbered, as the guarantor's liability remained a distinct deductible debt. en-us Tue, 16 Mar 1982 00:00:00 +0530 Wed, 24 Feb 2010 10:08:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28595 Estate duty valuation of a closely held company's liabilities must reflect real recoverability, financial distress, asset values, and surrounding circumstances, not mere book figures. The unsecured debt was treated as undervalued because the company's inability to meet liabilities and related proceedings showed it was not fully realisable. The 500 shares valuation was sustained because the Board relied on material already on record, including comparable valuation data, and the accountable persons did not rebut it. A secured bank debt could not be disallowed merely because the relevant property was encumbered, as the guarantor's liability remained a distinct deductible debt. Case-Laws Income Tax Tue, 16 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28595