Supreme Court of India
Commissioner of Gift Tax, Gujarat v. Executors & Trustees of the Estate of Late Sh. Ambalal Sarabhai, Ahmedabad
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the 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 the English Company 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 share
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