https://www.taxtmi.com/caselaws?id=38081 Valuation of gifted shares under section 6 of the Gift-tax Act must reflect the price the property would fetch in the open market on the date of gift. Contemporaneous material bearing on that date, including balance-sheet figures and proximate financial indicators, is relevant. The Tribunal erred by considering dividend payments and bonus issue while omitting the company's profits during the relevant year and a balance-sheet valuation made three days after the gift. Those omissions meant relevant factors were ignored, so the valuation could not stand and had to be reconsidered afresh on correct legal principles. en-us Mon, 14 Nov 1977 00:00:00 +0530 Sat, 03 Apr 2010 10:58:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38081 Valuation of gifted shares under section 6 of the Gift-tax Act must reflect the price the property would fetch in the open market on the date of gift. Contemporaneous material bearing on that date, including balance-sheet figures and proximate financial indicators, is relevant. The Tribunal erred by considering dividend payments and bonus issue while omitting the company's profits during the relevant year and a balance-sheet valuation made three days after the gift. Those omissions meant relevant factors were ignored, so the valuation could not stand and had to be reconsidered afresh on correct legal principles. Case-Laws Income Tax Mon, 14 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38081