https://www.taxtmi.com/caselaws?id=58951 For valuation of unquoted shares under the break-up value method, goodwill cannot be added unless it is a purchased and separately identifiable asset; absent proof of purchase for consideration, no goodwill adjustment is permissible. The same valuation approach must also be applied with the proviso to rule 1D in full, so where the company has not declared dividends for the prescribed period, the statutory reduction in market value remains available subject to verification. The Revenue's objection to excluding goodwill failed, while the assessee's claim for the proviso-based reduction was accepted. en-us Sat, 29 Aug 1981 00:00:00 +0530 Thu, 23 Dec 2010 12:56:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58951 For valuation of unquoted shares under the break-up value method, goodwill cannot be added unless it is a purchased and separately identifiable asset; absent proof of purchase for consideration, no goodwill adjustment is permissible. The same valuation approach must also be applied with the proviso to rule 1D in full, so where the company has not declared dividends for the prescribed period, the statutory reduction in market value remains available subject to verification. The Revenue's objection to excluding goodwill failed, while the assessee's claim for the proviso-based reduction was accepted. Case-Laws Income Tax Sat, 29 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58951