https://www.taxtmi.com/caselaws?id=28919 The High Court of Madras ruled in a case concerning the valuation of unquoted shares for gift-tax assessment. The court held that the valuation should be based on the balance-sheet closest to the gift date to accurately reflect any changes impacting the company's financial position and share value. The court found that the Tribunal erred in using an outdated balance-sheet for valuation and directed a re-examination by the Tribunal to consider developments affecting the companies' financial positions. The Department prevailed, emphasizing the importance of a fresh valuation based on the court's guidance. en-us Wed, 09 Dec 1981 00:00:00 +0530 Mon, 08 Mar 2010 16:26:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28919 The High Court of Madras ruled in a case concerning the valuation of unquoted shares for gift-tax assessment. The court held that the valuation should be based on the balance-sheet closest to the gift date to accurately reflect any changes impacting the company's financial position and share value. The court found that the Tribunal erred in using an outdated balance-sheet for valuation and directed a re-examination by the Tribunal to consider developments affecting the companies' financial positions. The Department prevailed, emphasizing the importance of a fresh valuation based on the court's guidance. Case-Laws Income Tax Wed, 09 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28919