DEPUTY COMMISSIONER OF GIFT TAX vs BPL LIMITED
Whether shares under a lock-in period are 'quoted shares' for valuation under the Gift Tax Act, 1958, read with Schedule III of the Wealth Tax Act, 1957 --- Held No; Whether such shares must be valued as 'unquoted shares' under Rule 11 of Part C of Schedule III of the Wealth Tax Act, 1957, ignoring restrictive covenants under Rule 21 of Part H --- Held Yes, but valuation must account for restrictions.
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