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Determination of price in certain cases

Rule 3 - Other Direct Tax Provisions - Rule 3 - 3. .-(1) For the purposes of sub-clause(ii) of clause (16) of the section 2 of the Act, the price shall be determined in the following manner, namely:- (a) the price of unquoted equity shares shall be the higher of,- (I) its cost of acquisition; (II) the fair market value of such equity shares determined, on the date of transaction, by a merchant banker or an accountant as per the Discounted Free Cash Flow method; and (III) the value, on the date o .....

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expenditure which does not represent the value of any asset; B= the price that the bullion, jewellery, precious stone, artistic work, shares, securities and immovable property would ordinarily fetch on sale in the open market on the date of transaction; L= book value of liabilities, but not including the following amounts, namely:- (i) the paid-up capital in respect of equity shares; (ii) the amount set apart for payment of dividends on preference shares and equity shares; (iii) reserves and sur .....

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