Method of valuation for the purposes of computing fair market value of assets and liabilities under section 352(2) for accreted income

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....) For the purpose of sub-rule (1), the fair market value of the asset shall be determined in the following manner:- (I) valuation of shares and securities: (a) the fair market value of quoted share and securities shall be the following:- (i) the average of the lowest and highest price of such shares and securities quoted on a recognised stock exchange as on the specified date; or (ii) where on the specified date, there is no trading in such shares and securities on a recognised stock exchange, the average of the lowest and highest price of such shares and securities on the recognised stock exchange, on a date immediately preceding the specified date when such shares and securities were traded on the recognised ....

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....profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; (vi) any amount cumulative preference shares; PE = total amount of paid-up equity share capital as shown in the balance sheet; and PV = the paid-up value of such equity share, (c) the fair market value of shares and securities, other than equity shares, shall be estimated to be the price it would fetch, if sold in the open market on the specified date on the basis of the valuation report from a merchant banker or an accountant in respect of such valuation; (II) the fair market value of an immovable property shall be higher of the follow....

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....ted States of America; or (ix) a valuer who is appointed by any public sector bank or public sector undertakings for valuation purposes. (3) For the purpose of section 352(2), the total liability of the specified person shall be the book value of liabilities in the balance sheet on the specified date but not including any of the following amounts:- (a) capital fund or accumulated funds or corpus, by whatever name called; or (b) reserves or surpluses or excess of income over expenditure, by whatever name called; or (c) any amount representing contingent liability; or (d) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; or (e) any amou....