https://www.taxtmi.com/caselaws?id=60923 The amendment to section 4(1)(a) of the Gift-tax Act was treated as procedural because it changed only the valuation method for unquoted shares and did not create the concept of deemed gift. In valuing shares transferred for inadequate consideration, the Revenue could rely on recognised valuation principles, including Wealth-tax Act methods where the Gift-tax Act had no special rule, to determine fair market value. The assessee's own wealth-tax valuation, company profitability, and other material supported the higher valuation, so the deemed gift computation was upheld. en-us Thu, 19 Oct 1995 00:00:00 +0530 Sat, 08 Jan 2011 16:24:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60923 The amendment to section 4(1)(a) of the Gift-tax Act was treated as procedural because it changed only the valuation method for unquoted shares and did not create the concept of deemed gift. In valuing shares transferred for inadequate consideration, the Revenue could rely on recognised valuation principles, including Wealth-tax Act methods where the Gift-tax Act had no special rule, to determine fair market value. The assessee's own wealth-tax valuation, company profitability, and other material supported the higher valuation, so the deemed gift computation was upheld. Case-Laws Income Tax Thu, 19 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60923