772/CBDT. - Income Tax - 772/CBDT

Instruction No: 772/CBDT Date of Issue: 29/10/1974 Section(s) Referred: 10(2) Statute: Gift Tax Act, 1958 In partial modification of their circular No.1D/GT of 1968, dated the 26th March, 1968, the Board direct that the contents of that circular will not apply to valuation of shares covered by Rule 10(2) of G.T.Rules, 1958. 2. As the language of rule 10(2) of G.T.Rules, is identical to that of section 37 of E.D. Act, the valuation of shares under Rule 10(2) of the G.T.Rules, 1958 will be governed by Board's letters dated 3.5.1965 and 5.7.65 issued from F.No.25A/3/65-ED, which prescribe the method of valuation of shares u/s 37 of the E.D.Act, 1953.