https://www.taxtmi.com/caselaws?id=39962 In computing the break-up value of shares for gift-tax assessment, estimated tax liability not reflected in the balance-sheet was held not deductible where the company's existing reserve, advance tax payment and refund entitlement under section 18(5) of the Income-tax Act covered that liability. The factual finding that the liability was thus met was not shown to be vitiated, and the earlier precedent relied on by the HC was treated as inapplicable. On that basis, the deduction was disallowed and the question was answered in favour of the department. en-us Mon, 06 Sep 1971 00:00:00 +0530 Thu, 22 Apr 2010 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39962 In computing the break-up value of shares for gift-tax assessment, estimated tax liability not reflected in the balance-sheet was held not deductible where the company's existing reserve, advance tax payment and refund entitlement under section 18(5) of the Income-tax Act covered that liability. The factual finding that the liability was thus met was not shown to be vitiated, and the earlier precedent relied on by the HC was treated as inapplicable. On that basis, the deduction was disallowed and the question was answered in favour of the department. Case-Laws Income Tax Mon, 06 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39962