TaxTMI 
TaxTMI 
Determination of Fair market value
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....any work of art (hereinafter referred to as artistic work) shall be the higher of- (I) its cost of acquisition; and (II) the price such artistic work shall ordinarily fetch if sold in the open market as on the 1st day of June, 2016 on the basis of the valuation report obtained by the declarant from a registered valuer; (c) the value of shares and securities of- (I) quoted share and securities shall be the higher of- (i) its cost of acquisition; and (ii) the price determined by taking- (A) the average of the lowest and highest price of such shares and securities quoted on a recognised stock exchange as on the 1st day of June, 2016; or (B) the average of the lowest and hi....
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....hares and equity shares; (iii) reserves and surplus, by whatever name called, even if the resulting figure is negative, other than those set apart towards depreciation; (iv) any amount representing provision for taxation, other than amount of income-tax paid, if any, less the amount of income-tax claimed as refund, if any, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; (vi) any amount representing contingent liabilities other than arrears of dividends payable in respect of cumulative preference shares; PE = tot....
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....alue of the property as on 1st day of April, 1981 on the basis of the valuation report obtained by the declarant from a registered valuer", and for the words "Cost Inflation Index for the year in which the property was registered", the words "Cost Inflation Index for the year 1981-82" had been substituted. Explanation- For the purposes of this clause,- (i) "stamp duty value" means the value adopted or assessed by any authority of the State Government for the purposes of payment of stamp duty in respect of an immovable property; (ii) "Cost Inflation Index" means such index as notified under clause (v) of Explanation to section 48 of the Income-tax Act, 1961.] (e) value of an interest of a person in a partn....
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....or the amount invested; and (II) the price that the asset would fetch if sold in the open market on the 1st day of June, 2016. Explanation- For the purposes of this rule,- (a) "quoted share or security" in relation to share or security means a share or security quoted on any recognized stock exchange with regularity from time to time, where the quotations of such shares or securities are based on current transaction made in the ordinary course of business; (b) "unquoted share and security" in relation to share or security means share or security which is not a quoted share or security; (c) "balance sheet" in relation to any company means the balance sheet of such company (including the notes annexed th....