1971 (9) TMI 62 - SC - Income Tax

Summary

The Supreme Court allowed the appeal in a gift-tax matter related to the valuation of shares for the assessment year 1958-59. The court held that the estimated tax liability should have been deducted in determining the break-up value of the shares. The High Court's decision in favor of the assessee was overturned, and the appeal was allowed in favor of the department.