Limitation & restriction should be considered for valuation of shares for gift tax: SC

Deputy Commissioner of Gift Tax Vs BPL Limited (Supreme Court of India) Supreme Court held that the valuation of shares for the purpose of gift tax needs to take into consideration the limitations and restrictions. Facts- The issue raised in these appeals relates to the valuation of 29,46,500 shares of M/s. BPL Sanyo Technologies Limited and 69,49,900 shares of M/s. BPL Sanyo Utilities and Appliances Limited, which were gifted by the respondent-assessee, M/s. BPL Limited, to M/s. Celestial Finance Limited on 2nd March 1993. The shares of M/s. BPL Sanyo Technologies Limited and M/s. BPL Sanyo U...