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TMI Blog1990 (1) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 26(1) of the Gift-tax Act, 1958 : "1. Whether, on the facts and in the circumstances of the case and having regard to the fact that as per clause (3) of the articles of association of East India Commercial Co. (P.) Ltd., no intimation can be issued to the public to subscribe for any share of the aforesaid company, the Tribunal was justified in law in holding that the shares of the said comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the aforesaid company as on the date of transfer should be determined on yield basis instead of break-up value basis ? " The year of assessment is 1979-80 for which the accounting period was the year ended December 31, 1978. The dispute is about the valuation of shares of East India Commercial Co. (P.) Ltd. The Tribunal has adopted the yield method of valuation by following the decision of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the question and held, after examination of the articles of association of the assessee-company, that there was no restriction in the matter of transfer of shares. The right was restricted only in the sense that the number of members of the company was limited to 50. On appeal, the Tribunal held that the Commissioner (Appeals) was justified in holding that the shares in question were freely tra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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