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Method of valuation for the purposes of sub-section (2) of section 115TD

Rule 17CB - Rule - TAX EXEMPTIONS AND RELIEFS - Income Tax - Rule 17CB - 1[17CB. . (1) For the purpose of sub-section (2) of section 115TD of the Act, the aggregate fair market value of the total assets of the trust or institution, shall be the aggregate of the fair market value of all the assets in the balance sheet as reduced by- (i) any amount of income-tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of income-tax claimed as refund under the Ac .....

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exchange as on the specified date; or (ii) where on the specified date, there is no trading in such shares and securities on a recognised stock exchange, the average of the lowest and highest price of such shares and securities on a recognised stock exchange on a date immediately preceding the specified date when such shares and securities were traded on a recognised stock exchange, (b) the fair market value of unquoted equity shares shall be the value, on the specified date as determined in acc .....

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n the balance sheet as asset including the unamortised amount of deferred expenditure which does not represent the value of any asset; B=fair market value of bullion, jewellery, precious stone, artistic work, shares, securities and immovable property as determined in the manner provided in this rule; L=book value of liabilities shown in the balance sheet, but not including the following amounts, namely:- (i) representing contingent liabilities other than arrears of dividends payable in respect o .....

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r the Act, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; (vi) any amount cumulative preference shares; PE = total amount of paid up equity share capital as shown in the balance-sheet; PV= the paid up value of such equity share, (c) The fair market value of shares and securities other than equity shares shall .....

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I) The fair market value of a business undertaking, held by a trust or institution, shall be its net assets determined in accordance with the following formula:- Fair market value = (A + B-L), which shall be determined in the manner provided in sub-clause (b) of clause (I) of sub-rule (2). (IV) The fair market value of any asset, other than those referred to in clauses (I), (II) and (III), shall be the price that the asset shall ordinarily fetch if sold in the open market on the specified date o .....

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institute of Chartered Surveyors; India Chapter, American Society of Appraisers, USA; Appraisal institute, USA or a valuer who is appointed by any public sector bank or public sector undertakings for valuation purposes. (3) For the purpose of sub-section (2) of section 115 TD of the Act, the total liability of the trust or institution shall be the book value of liabilities in the balance sheet on the specified date but not including the following amounts, namely:- (i) capital fund or accumulate .....

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the Act, to the extent of the excess over the income-tax payable with reference to the income in accordance with the law applicable thereto. Explanation.- For the purposes of this rule,- (a) "accountant" shall mean a fellow of the Institute of Chartered Accountants of India within the meaning of the Chartered Accountants Act, 1949 (38 of 1949) who is not appointed by the trust or institution as an auditor; (b) "balance-sheet in relation to any trust or institution, shall mean the .....

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