FMV definitions / methodology (range 56–57)

Definitions.

• Balance sheet: for an Indian company, the audited balance sheet, with notes, drawn up on the valuation date; for a foreign company, the balance sheet, with notes, drawn up on the valuation date and audited by its auditor, if any, appointed under the laws of its country.
• Merchant banker: a category I merchant banker registered with the Securities and Exchange Board of India.
• Quoted shares or securities: shares or securities quoted on a recognised stock exchange with regularity from time to time, where the quotations are based on current transactions made in the ordinary course of business. Unquoted shares and securities are those that are not quoted.
• Recognised stock exchange and securities: as in section 2(f) and 2(h) of the Securities Contracts (Regulation) Act, 1956.
• Registered dealer: a dealer registered under the Central Sales Tax Act, 1956 or the general sales tax law, including value added tax laws, of a State.
• Registered valuer: as in section 513.

Valuation date (clause i).

Section	Valuation date
Section 92	Date on which the property or consideration referred to in section 92 is received by the assessee
Section 79	Date on which the capital asset, being a share of a company other than a quoted share, is transferred
Section 26(2)	Date on which the inventory is converted, or treated, as a capital asset