Declaration as to shares held in trust ‑ Whether expression “trust money invested in shares or debentures of company”, occurring in sub‑section (4), as it stood before the Amendment Act, 1965, also covers shares obtained as gift or on allotment of bonus shares

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..... R, dated 22 ‑ 2 ‑ 1964. Subject:- Declaration as to shares held in trust ‑ Whether expression trust money invested in shares or debentures of company , occurring in sub ‑ section (4), as it stood before the Amendment Act, 1965, also covers shares obtained as gift or on allotment of bonus shares The expression trust money invested in shares or debentures .....

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..... es are quoted on a stock exchange, the value at which they could have been obtained by the trust from the market at the time of the gift or the bonus issue should be taken as the basis for determining the valuation of the investment. But where the shares of a company are not quoted on any stock exchange and if the shares of that company are obtained as gift or on a bonus issue, then the face value .....

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