(1.) THE assessee is the same in both the cases. He owned 500 equity shares and 277 preference shares in Best & Co. (Private) Ltd., Madras, of the face value of Rs. 100 each.
(2.) IN his wealth-tax return for the assessment year 1961-62, he valued these shares at Rs. 77,700, as per their face value. The Wealth-tax Officer did not accept the said valuation of the shares, but computed the market value of those shares on the basis of the balance-sheet of Messrs. Best and Co. for that year and determined the value at Rs. 1,66,278.
(3.) AS already stated, the Tribunal has found that there are restrictions on the transfer of shares and that the price for which they could be transferred has also been pegged down to its face value in the articles of association of Messrs. Best and Company. Articles 30, 31, 32, 33 and 34 of the articles of association of Best and Company are as follows :