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H.—Determination of fair market value of the property other than immovable property
Meaning of expressions used in determination of fair market value.
11U. For the proposes of this rule and rule 11UA,—
(a) “accountant” shall have the same meaning as assigned in the Explanation to section 288 of the Act;
(b) “balance-sheet”, in relation to any company, means the balance-sheet of such company (including the notes annexed thereto and forming part of the accounts) as drawn up on the valuation date;
(c) “merchant banker” means category I merchant banker registered with Security and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(d) “quoted shares or securities” in relation to share or securities means a share or security quoted on any recognized stock exchange with regularity from time to time, where the quotations of such shares or securities are based on current transaction made in the ordinary course of business;
(e) “recognized stock exchange” shall have the same meaning as assigned to it in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(f) “registered dealer” means a dealer who is registered under Central Sales-tax Act, 1956 or General Sales-tax Law for the time being in force in any State including value added tax laws;
(g) “registered valuer” shall have the same meaning as assigned to it in section 34AB of the Wealth-tax Act, 1957 (27 of 1957) read with rule 8A of Wealth-tax Rules, 1957;
(h) “securities” shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(i) “unquoted shares and securities”, in relation to shares or securities, means shares and securities which is not a quoted shares or securities;
(j) “valuation date” means the date on which the respective property is received by the
assessee.
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