https://www.taxtmi.com/caselaws?id=428998 Shares subject to a lock-in period were held not to be quoted shares because they were not regularly traded on a recognised stock exchange in current market transactions. Their valuation under the Gift Tax Act had to follow the statutory valuation scheme in Schedule III of the Wealth Tax Act, treating them as unquoted shares and applying the break-up method under Rule 11. The quoted-share method, ad hoc depreciation, and any approach that ignored transfer restrictions were impermissible. A stock exchange certificate could assist on quotation status, but it did not prevent judicial scrutiny of whether the statutory definition of quoted shares was met. en-us Thu, 13 Oct 2022 00:00:00 +0530 Mon, 02 Jan 2023 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428998 Shares subject to a lock-in period were held not to be quoted shares because they were not regularly traded on a recognised stock exchange in current market transactions. Their valuation under the Gift Tax Act had to follow the statutory valuation scheme in Schedule III of the Wealth Tax Act, treating them as unquoted shares and applying the break-up method under Rule 11. The quoted-share method, ad hoc depreciation, and any approach that ignored transfer restrictions were impermissible. A stock exchange certificate could assist on quotation status, but it did not prevent judicial scrutiny of whether the statutory definition of quoted shares was met. Case-Laws Wealth-tax Thu, 13 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428998