RAMANUJAM J.

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 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

For the assessment year 1962-63, the assessee again valued these shares at Rs.77, 700 on the basis of their face value. The Wealth-tax Officer again did not accept this valuation but computed the market value of the shares on the basis of the balance-sheet of Messrs. Best and Company for that year and determined their value at Rs. 1, 99, 200

The assessee preferred appeals to the Appellate Assistant Commissioner against the orders of the Wealth-tax Officer computing the value of the shares on the basis of the balance-sheets of the company. He contended that, under the articles of association of Messrs. Best and Co., there was restriction on transfer