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2004 (1) TMI 17 - GUJARAT HIGH COURTValuation of unquoted equity shares under the Estate Duty Act - "Whether the Appellate Tribunal is right in law and on facts in directing the Assistant Controller of Estate Duty to make valuation of shares of a private limited company in accordance with rule 1D of the Wealth-tax Rules and not in accordance with the general break up method?" - since the method of valuation for valuing unquoted equity shares has been prescribed in the Wealth-tax Rules, in the absence of any such rule of valuation under the Estate Duty Act or the Estate Duty Rules, the method of valuation prescribed under the Wealth-tax Act is required to be adopted - we answer the question in the affirmative, i.e., in favour of the assessee and against the Revenue.
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