https://www.taxtmi.com/caselaws?id=58449 A later administrative circular stating the department's view on valuation did not, by itself, constitute information sufficient to reopen an assessment under the Gift-tax Act; the reopening was therefore invalid. On valuation, unquoted shares gifted were to be valued by the recognised break-up value method reflected in Wealth-tax Rule 1-D, and not by adding goodwill merely because the company was private. Applying that method, the assessee's declared value was accepted and the enhanced valuation was rejected. The Revenue's challenge failed on both reopening and merits, and the original declared value was restored. en-us Thu, 12 Nov 1981 00:00:00 +0530 Mon, 20 Dec 2010 11:07:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58449 A later administrative circular stating the department's view on valuation did not, by itself, constitute information sufficient to reopen an assessment under the Gift-tax Act; the reopening was therefore invalid. On valuation, unquoted shares gifted were to be valued by the recognised break-up value method reflected in Wealth-tax Rule 1-D, and not by adding goodwill merely because the company was private. Applying that method, the assessee's declared value was accepted and the enhanced valuation was rejected. The Revenue's challenge failed on both reopening and merits, and the original declared value was restored. Case-Laws Income Tax Thu, 12 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58449