https://www.taxtmi.com/caselaws?id=40208 For valuing unquoted gifted shares under the break-up method, the relevant enquiry is the correct value on the date of gift. A balance-sheet close to that date may be adopted if it gives the most realistic picture of the company's assets and liabilities, even if it post-dates the transfer, provided appropriate adjustment is made for any intervening variation in asset values. In the stated case, the balance-sheet for the immediately succeeding year was accepted as the basis for ascertaining break-up value as on the gift date, and the valuation adopted by the revenue authority was upheld. en-us Tue, 02 Dec 1997 00:00:00 +0530 Fri, 04 Jul 2014 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40208 For valuing unquoted gifted shares under the break-up method, the relevant enquiry is the correct value on the date of gift. A balance-sheet close to that date may be adopted if it gives the most realistic picture of the company's assets and liabilities, even if it post-dates the transfer, provided appropriate adjustment is made for any intervening variation in asset values. In the stated case, the balance-sheet for the immediately succeeding year was accepted as the basis for ascertaining break-up value as on the gift date, and the valuation adopted by the revenue authority was upheld. Case-Laws Income Tax Tue, 02 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40208