https://www.taxtmi.com/caselaws?id=33633 For valuing unquoted shares under the break-up method in a deemed gift case, the relevant balance-sheet was the one linked to the transaction date, and the assessee could use the balance-sheet ending 31 March 1978. The High Court followed an earlier Division Bench view, which in turn aligned with the Kerala High Court approach, and held that no contrary authority justified departure from that interpretation. The valuation was therefore computed on that basis, and the question was answered in favour of the assessee and against the Revenue. en-us Fri, 09 Jan 2009 00:00:00 +0530 Wed, 07 Sep 2011 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33633 For valuing unquoted shares under the break-up method in a deemed gift case, the relevant balance-sheet was the one linked to the transaction date, and the assessee could use the balance-sheet ending 31 March 1978. The High Court followed an earlier Division Bench view, which in turn aligned with the Kerala High Court approach, and held that no contrary authority justified departure from that interpretation. The valuation was therefore computed on that basis, and the question was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Fri, 09 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33633