771/CBDT. - Income Tax - 771/CBDT

Instruction No: 771/CBDT Date of Issue: 29/10/1974 Section(s) Referred: 37 Statute: Estate Duty Act In partial modification of their Circular No.1-D/ED of 1968, dated the 26th March, 1968, the Board direct that contents of that Circular will not apply to valuation of shares covered by section 37 of the E.D.Act, 1953, in addition to the circumstances mentioned in para 5 of that circular. 2. The valuation of shares under section 37 of the E.D.Act, 1953, will be governed by Board's letter dated the 3rd May, 1965 and 5th July, 1965 issued from F.No.25A/3/65-ED.