https://www.taxtmi.com/caselaws?id=58152 Unquoted shares gifted by an assessee were to be valued on the basis of a reasoned approved valuer's report when the revenue produced no valid material to displace it. Rule 1D of the Wealth-tax Rules, prescribing the break-up method, was treated as directory rather than mandatory, so its application was not automatic. Fair market value had to be determined as on the date of gift, and in the absence of a lawful reference to the valuation machinery or other contrary evidence, the higher break-up valuation adopted by the Gift-tax Officer was not justified. en-us Tue, 29 Nov 1983 00:00:00 +0530 Fri, 17 Dec 2010 16:13:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58152 Unquoted shares gifted by an assessee were to be valued on the basis of a reasoned approved valuer's report when the revenue produced no valid material to displace it. Rule 1D of the Wealth-tax Rules, prescribing the break-up method, was treated as directory rather than mandatory, so its application was not automatic. Fair market value had to be determined as on the date of gift, and in the absence of a lawful reference to the valuation machinery or other contrary evidence, the higher break-up valuation adopted by the Gift-tax Officer was not justified. Case-Laws Income Tax Tue, 29 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58152