https://www.taxtmi.com/caselaws?id=55449 Open market value governs the valuation of unquoted shares under the Estate Duty Act, and section 37 operates as a special application of that principle for private companies with transfer restrictions. On that basis, the valuation should ignore restrictive articles of association for valuation purposes, and rule 1D of the Wealth-tax Rules, 1957 may be used as a recognised guide where it reflects the proper valuation basis. The valuation is to be derived from the last published balance-sheet and other reliable material available on the valuation date, rather than later accounts or later-acquired material. The text states that the accountable person's valuation was accepted and the departmental valuation was not sustained. en-us Wed, 01 Oct 1986 00:00:00 +0530 Sat, 27 Nov 2010 11:12:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55449 Open market value governs the valuation of unquoted shares under the Estate Duty Act, and section 37 operates as a special application of that principle for private companies with transfer restrictions. On that basis, the valuation should ignore restrictive articles of association for valuation purposes, and rule 1D of the Wealth-tax Rules, 1957 may be used as a recognised guide where it reflects the proper valuation basis. The valuation is to be derived from the last published balance-sheet and other reliable material available on the valuation date, rather than later accounts or later-acquired material. The text states that the accountable person's valuation was accepted and the departmental valuation was not sustained. Case-Laws Income Tax Wed, 01 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55449