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1997 (12) TMI 104 - SC - Income TaxWhether the balance-sheet figures as on March 31, 1972, should be taken for ascertaining the break-up value of the shares gifted and not the balance-sheet figures as on March 31, 1973 ? Held that:- Having regard to the fact that the gift was made on the verge of the close of the accounting year ending on March 31, 1973, the balance-sheet as on March 31, 1973, should be taken as the basis for ascertaining the break-up value of the shares as on March 28, 1973. However, suitable adjustments will have to be made if there has been any variation in the value of the assets of the company between March 28, 1973, and March 31, 1973. That, however, is not the case of the assessee. Under these circumstances, the judgment under appeal is upheld. The appeal is dismissed.
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