1991 (11) TMI 4

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..... er of Gift-tax, Vidarbha, Nagpur, seeking a reference on the following question, said to be of law : " Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal was right in holding that the valuation of unquoted equity shares be made on the basis of the yield method and not on the basis of break-up value ?" During the assessment years between 1971- .....

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..... nt Bhagubhai Mafatlal v. N. Rama Iyer, GTO [1983] 144 ITR 737, which, to some extent, is based upon the decision of the Supreme Court in CGT v. Smt. Kusumben D. Mahadevia [1980] 122 ITR 38. In view of the undisputed position that the companies were going concerns not ripe for liquidation and there were no exceptional circumstances about them, the ratio of the Bombay High Court decision clearly a .....

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