Gift-tax Act 1958 s.6 and Schedule II

Gift-tax Act 1958 s.6 and Schedule II — the law in short

What the courts have decided on section Gift-tax Act 1958 s.6 and Schedule II, in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.

• DCGT v BPL Ltd Supreme CourtHelps taxpayer
  The shares are listed but locked in. Do I value them at the market quotation?
  No. Shares that cannot be traded because they are under a lock-in are not 'quoted' shares, whatever the exchange certifies, because there are no current transactions in the ordinary course of business on which a quotation could be based. The valuation has to be made in accordance with the restriction and not by ignoring it, and the Revenue's appeal was dismissed.

Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.