1991 (11) TMI 4 - HC - Income Tax

Summary

The High Court of Bombay dismissed applications under section 26(3) of the Gift-tax Act regarding the valuation of unquoted equity shares. The court upheld the use of the yield method over the break-up value method for valuation, citing previous legal precedents. The Tribunal refused to make a reference based on binding decisions, leading to the dismissal of the applications.