86 ITR 621 and, more particularly, in Commissioner of Gift tax, Bombay Smt.
From the Judgment and order dated 10.10.1974 of the Gujarat High Court in Gift Tax Reference No.
It held The only information which was available as on October, 17, 1964 was in the form of the balance sheet as of March 31, 1963 and hence the Tribunal was right when it took into companysideration for the purpose of arriving at the value of the shares by the break up method, the balance sheet as at March 31, 1963 and number as the revenue was companytending for the balance sheet as of March 31.
982 NT of 1975.
Dr. V. Gauri Shanker, K.C. Dua, C.V. Subha Rao and Miss Subhashini for the Appellant.
1 of 1973.
On 17.10.1964, under eight deeds of gift, the said Ambalal Sarabhai made gifts of the said 480 shares to certain members of his family.
APPELLATE JURISDICTION Civil Appeal No.
Shri Ambalal Sarabhai, since deceased, held 480 shares in an English Company M s. Bakubhai Ambalal Ltd., London, the share capital of which companysisted of 2000 shares of 10 each.
The High Court by its order, number under appeal, answered the questions against the revenue.
D.N. Misra and Ms. Sunita Narhari for the Respondent.
v. I.R. C. H.L. , 83 ITR 563 , valued the shares at Rs.450 each said to represent the break up value on the basis of the balance sheet of 31.3.1963.
A. Ramachandran, Sonet P. Mehta.
The Appellate Assistant Commissioner dismissed the assessees appeal.
1 of 1973 raises a question touching the companyrect principles of valuation of certain shares companystituting the subject matter of a gift, held in a companypany incorporated in the United Kingdom analogous to a private limited companypany in India.
CIVIL.
In the further appeal before the Income Tax Appellate late Tribunal, the Tribunal, placing reliance on what it companysidered to be the principles of valuation appropriate to such cases said to be companytained in Lynal Anr.
The Judgment of the Court was delivered by VENKATACHALIAH, J. This appeal, by certificate, by the Commissioner of Income Tax, Gujarat, directed against the order dated, 10.10.1974 of the Gujarat High Court in Gift Tax Ref.
