S. Viji vs Commissioner Of Gift Tax

Authority: Supreme Court Date: 1997-12-02 AY: 1973-74 Section: GT6 Acts: Gift Tax Act, 1958 Result: Revenue Citation: (1997) 143 CTR (SC) 403 : (1998) 229 ITR 421 (SC) : (1998) 96 TAXMAN 474 Justices: SuhaC. Sen & V.N. Khare, JJ. Appeal No: Civil Appeal No. 6239 of 1990*
Whether for valuation of unquoted shares gifted on 28th March 1973, the break-up value should be calculated using balance sheet figures as on 31st March 1972 (latest available on gift date) or 31st March 1973 (closest proximate date) --- Held: Balance sheet as on 31st March 1973 should be used, with adjustments for any asset value changes between 28th March 1973 and 31st March 1973.

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