Supreme Court · 1987 INSC 372 · Decided 11 December 1987
Commissioner of Gift Tax, Gujarat v. Executors & Trustees of the Estate of Late SH. Ambalal Sarabhai, Ahmedabad
- Court
- Supreme Court of India
- Citation
- 1987 INSC 372 · [1988] 2 S.C.R. 341
- Case number
- CIVIL APPEAL No. 982/1975
- Decided
- 11 December 1987
- Bench
- S. NATARAJAN, M.N. VENKATACHALIAH (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
Headnote
Gift Tax Act, 1958: Section 15(3)-Gift of shares-Correct­ Principles of valuation-Whether a question of law-Shares not quoted on stock exchange-What is the method of valuation applicable to. The assessee contended in the gift tax assessment proceedings that the 480 shares in acquired as gift were not quoted in the stock exchange, that their value be determined ou the average break-up value indicated by the balance sheets of the Company as on 31.3.1964 and 31.3.1965, and that in view of the decision of the General Body of the Company dated 4.10.1961 to increase its
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