https://www.taxtmi.com/caselaws?id=58298 Transfer of shares at Rs. 200 per share was examined for deemed gift treatment under the Gift-tax Act. The Tribunal treated the valuation provisions across the income-tax, wealth-tax, gift-tax and estate duty statutes as part of an integrated scheme based on market value, and held that the open market value already accepted in the wealth-tax context could not be disregarded for gift-tax valuation. It also held that unquoted equity shares were to be valued by the profit-earning method and that goodwill could not be added under the relevant gift-tax rule. On those facts, no deemed gift arose and the higher valuation adopted by the Gift-tax authorities was unsustainable. en-us Mon, 29 Jan 1990 00:00:00 +0530 Sat, 18 Dec 2010 13:33:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58298 Transfer of shares at Rs. 200 per share was examined for deemed gift treatment under the Gift-tax Act. The Tribunal treated the valuation provisions across the income-tax, wealth-tax, gift-tax and estate duty statutes as part of an integrated scheme based on market value, and held that the open market value already accepted in the wealth-tax context could not be disregarded for gift-tax valuation. It also held that unquoted equity shares were to be valued by the profit-earning method and that goodwill could not be added under the relevant gift-tax rule. On those facts, no deemed gift arose and the higher valuation adopted by the Gift-tax authorities was unsustainable. Case-Laws Income Tax Mon, 29 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58298