1994 (1) TMI 16 - HC - Income Tax

Summary

The High Court of Madras ruled on questions regarding the valuation of shares in the case of Messrs. T. V. Sundaram Iyengar and Sons Private Limited. The court held that the Tribunal should have considered the balance-sheet closest to the date of gift for valuation. The court also ruled that provisions for gratuity should not be added back in determining the total assets of the company. The court refrained from answering questions regarding deductions and discounts, as they depended on the Tribunal's decision on the first question.